Why house prices for many first-time buyers are now soaring
The sad truth is, it has never been more difficult to buy your first home. The general consensus was always that London prices were continuing to soar, but the rest of the country had pockets of affordable options. It now seems as though every town, village and city in the UK has increased its housing prices. For those not quite ready to invest or for those who are ready to buy for the first time, this can make the process even more overwhelming and even more financially debilitating.
So, why are house prices for first-time buyers at an all-time high?
Ultimately, there is a lack of housing in our country. With Brexit causing so much uncertainty for us over the last 3 years, it would appear that everything else has taken a backseat. People are not selling, so there is little out there for buyers to view. Uncertainty is making everyone nervous and no one, especially not house sellers will want to lose out.
Like with anything, when demand is high, but availability is low the prices are bound to soar. And soar they have. The only reasonable solution I can see is that we start building more houses. The government need to treat this as a priority if we are to give first-time buyers in this country the chance to survive and thrive.
Additionally, it can be hard to get the amount of deposit required to get you anywhere near the ladder, let alone getting one foot on it. Is there more than the government can do to help with these huge down payments?
With the new year coming closer we are predicting a much more buoyant market, with the general election over we are hopeful that markets will feel more stable and thus we can start creating change, opportunities and affordable prices again