Did you know that in the last year new build house prices rose by an average of 3.68% per square metre across The UK? This is some incredibly positive news for both The UK housing market and the economy of the country too. It’s even better when we consider that Brexit is looming
It was reported in February 2019 by UK Finance that the number of first time buyers reached the highest level for 12 years in 2018. In 2018, there were more than 370,000 first time buyer mortgages completed – almost 2% higher than the same figure in 2017. This is great news as first time buyers entering the market often start buyer chains, which benefit home movers and house builders too.
Halifax recently announced that the majority of homes that are purchased in The UK with a mortgage at the moment are now for first time buyers. This is the first time that this has been the case and so many first time buyers have been entering the market for more than 20 years – since 1995.
It should also be noted that the average deposit required for a first time buyer to buy their first home and enter the property market is £32,841. The average amount required as a deposit for first time buyers in London is more than three times this amount – almost £100,000.
Halifax also found that the price of an average home had increased by almost £60,000 in the last 10 years. In 2018, the price of an average home was £212,473 compared with £153,030 in 2008.
So where is house price growth most active? In Northern Ireland, house price growth stands at 5.5%. Wales and East and West Midlands have house price growth of around 4.5%, followed by Yorkshire and The Humber and the North West in the 3%-4% bracket.