Hometrack Cities Index shows healthy house price growth for regional front-runners
Director of Benham and Reeves, Marc von Grundherr, commented:
“Housing affordability continues to remain an issue for many looking to get on the ladder, particularly within major cities where homeownership is the least obtainable to the average person despite the generally higher level of wages on offer.
We have seen this improve as a result of healthier wage growth of late, but in cities with the largest property price tags, this improvement in earnings proves insignificant when compared to the continued financial hurdle posed by robust property values.
For those in the likes of London, Cambridge and Oxford, the task is that much tougher, not only because of the high price of property, but because of the huge additional sums faced via stamp duty.
Despite the relative affordability of current mortgage rates, these additional charges continue to be one of the biggest deterrents for those looking to buy in our major cities and this, in addition to current market uncertainty, is causing a drag in the rate of house price growth.”
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