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April 7, 2014
3 minute read
Concern about house prices and the availability of homes has spread across the UK, with almost all areas citing high property prices and the ability for first time buyers to get on the property ladder as a serious housing issue in the housing market.
As the housing market gathers pace outside London and the South East, those in the East Midlands, Yorkshire, the North West and Wales think that house prices are a serious problem in the housing market at the moment, according to the 2014 Annual Homeowner Survey. In the North East of England and Northern Ireland, negative equity is more likely to be seen as a very serious problem than elsewhere in the UK. While the appetite to own your own home is on the rise, house prices are of particular concern to those aspiring to be homeowners.
Paula Higgins says: “Despite talk about the London bubble, worries about high house prices and the shortage of housing has become a national issue. Talk about the housing crisis has spread across the UK, as homeowners everywhere have become worried that housing is becoming unaffordable and owning their own home is becoming an impossible dream for young people. This is the true ‘cost of living’ fear – people can’t afford the roof over their head.”
Our April 2014 House Price Watch, reports the biggest monthly rise in house prices of the past 15 months (+1%) and an annual rise in house prices of (+6.9%). Regionally, house price growth has spread to all regions of England and Wales except the North East. House prices in London continue to soar with price growth double that of any other region. Demand continues to outstrip supply and reports suggest that the proportion of properties achieving the asking price is at its highest level in a decade (over 99% in the Capital).
Paula Higgins says: ““The surge in house prices this past year is not welcome news in the Capital and it is a growing worry in other parts of the country, particularly for those hoping to buy their first home. Rising prices in London and elsewhere are due to a lack of supply as competition is fierce among buyers chasing too few homes.”
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