There has been recent breaking news this month, bringing lots of attention to the property market. Halifax has revealed that the average UK house price has risen to £205,000. This is apparently a result of “improving economic conditions.” Annual rates have risen from 8.6% to a 9.7% as of today. With these figures, it doesn’t surprise us when we hear that this is the biggest annual increase since 2014.
These increases are considered to be a turnaround compared to recent years. Thankfully it is said to have a positive impact on the housing market because properties are also starting to attract potential buyers.
Buying an affordable home is viewed as a better option compared to renting. Available mortgage options are now making it easier for buyers to manage comfortable payments. This means first-time buyers can choose a plan that costs just under 35% of their salary. This has been a positive change, compared to 2007 when the percentage was an equivalent of 57% according to Nationwide.
Many will see a large North/South difference in prices since London’s house prices are some of the most expensive in the UK. But what can you expect from a capital city? House prices in London are valued at eye-watering £500,000. Even though house prices are rising across the UK, the availability of mortgages has increased sales by 40% since 2014. People now have the choice to buy a home instead of renting without being completely out of pocket.
The property market has been booming ever since and we hope to see a positive impact on new buyers for the future. We would love to see people in the position where they can buy their home instead of renting someone else’s.