PROPERTY prices in Swindon are shooting up says one estate agent in the town as national figures show prices have risen five times quicker than the rate of salaries in the past five years.

Now is a really good time for homeowners to put their property on the market but it is bad news for first-time buyers in the area who are having to find deposits quickly if they want to get themselves on the property ladder.

“Save as big a deposit while you can and whatever you can,” urges Julian Robinson, sales manager at McFarlane Sales and Lettings, which has branches in Old Town, Cricklade and Wroughton.

“There is also a help-to-buy ISA that is boosted by the Government for first-time buyers and banks offer various mortgage deals.”

According to statistics released this week, property prices have increased by 36 per cent since April 2011 across the UK – 5.1 times the seven per cent increase in average weekly earnings over the same period.

The figures were released by the Resolution Foundation, which analysed the Office for National Statistics (ONS) figures. It also found the average UK house price was £292,000 in March, after increasing by 2.5 per cent on the previous month.

In Swindon, quickest to sell are two- and three-bed homes, which on average sell for around £140,000 to £175,000, while apartments can go for around the £105,000 mark.

“House prices have gone up quite dramatically, even in the last 12 months,” Julian said.

“Last year you could buy a two-bed house in North Swindon for £125,000, this year we are selling them for around £165,000.

“The prices are going up because there is demand. We’ve got a lot more people coming from Reading and Slough because the prices are lower and we are along the M4 corridor.

“But I don’t think they will continue to drastically go up, or we will get to a point where people can’t afford to buy.”

Homes in Cricklade, North Swindon and West Swindon are always in demand according to Julian. The most expensive area is Old Town and Broome Manor, while those nearer the town centre tend to be cheaper. Places in Park North are also good investment properties.

On average properties in the town stay on the market for about two weeks, but on one occasion Julian says he sold a home within 30 minutes.

“Swindon is just really popular. The town has got a lot to offer and there are a lot of good companies and businesses like Intel and Honda,” said Julian.

“The market is the best I’ve seen since 2008. We’ve just put a house on the market in Liden and it will be gone by this afternoon.

“January and February was really good for us and things haven’t slowed down, we have been great all year through.”

The summer also anticipated parents moving to be close to schools so their children are in the catchment area, ready for the new term in September.