According to ONS (Office for National Statistics) UK house prices are rising by 7% a year. This October the average cost of a UK home rose by 0.8%, meaning that the average UK home now costs £287,000. This increased pressure on house prices may cause a decrease of supply and an increase in demand in the housing market. All of the leading house pricing indexes have all shown that prices have risen in the past year.
According to the Council of Mortgage Lenders (CML) lending continued to grow in October. Loans made to home buyers rose by 9% in October which meant 65,300 was the second highest number from the past 7 years. Loans made to first-time buyers is at its highest since August 2007.
With the housing prices continuously rising more and more people are worried that they may never be able to own their own home and not be able to start their own lives properly. People who decide to rent may find it even more difficult to save for a deposit for a house as they barely have enough money for essentials.
For more advice or help on this call our Manchester offices to speak to a member of our team on 0800 020 9542 or email hello@JacRox.co.