Average house price hits new high!


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.

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