Severe lack of properties will push up house price values 4.7%
While the Cebr said in March that house prices would increase just 1.5% this year, they have reevaluated and now predict a 4.7% increase. This translates to a potential record high for the average property price of £260,600; up from £217,100 five years ago. Read the article here.
Renting vs mortgage
If you can afford to buy your own home then your average mortgage payment is 19pc of your income versus the 52pc of wages that renters are forced to fork over. With the majority of renters at 58pc being between 25 and 44, the overall the number of people renting has doubled over the past decade from 2.1 million to 4.4 million. Read the article here.
The era of ultra-low interest rates will soon be coming to an end
With the Bank of England being certain that interest rates are likely to start climbing towards 2.5% after a long period of stability, this could have major effects on the average homeworker. For example, for someone with a £150,000 mortgage it means the monthly repayment will jump from £673 today to £833. Read the article here.
The booming Northern Ireland market helped the average UK house price to hit new record of £274k
The Office for National Statistics reports that house prices are now £57,000 higher than the peak seen in May 2008 just before the financial downturn as the average UK property value now sits at £274,000 with values in Northern Ireland now rising faster than London. Read the article here.
House sales are back on the up after a slowdown in the early months of 2015
According to the Council of Mortgage Lenders, Home purchase loans came to a total of £20.5bn in June making that the highest level seen since July 2008. That represents a 29pc rise compared with May’s lending figures, and a 15pc rise compared with June 2014. Read the article here.