House prices and shortages affect FTB’s
First time buyers are again the ones being hit the most by the recent exagerated house price rises, recent research by Haart the estate agent shows that the average price of a first-time buyer home increased £4,150 in June , that is £12,000 over the last 12 months.
Not only are house prices flying at the present time but there is intense competition to buy, it was further reported by Haart that there are 11 buyers chasing each new property coming onto market, increasing to 20 in the capital.
In response to this housing crisis a new All-Party Parliamentary Group for Housing and Planning was announced on the same day as the Haart report. Members of parliament from across the political spectrum have come together to put forward recommendations to deal with the shortages in housing supply in both rental and private ownership sectors.
The APPG which includes both Tory and Labour PM’s as well as cross-bench peers will be chaired by James Cartlidge, the Conservative MP for South Suffolk, he reportedly said housing is “increasingly becoming one of the most critical policy challenges facing local and national government” and is “likely to become more political and controversial”.
You May Also Enjoy
Rightmove asks government to consider retaining first-time buyer stamp duty threshold
5 Steps to Becoming the Best Estate Agent in Your Town
Breaking Property News – 25/07/24
Rightmove’s weekly mortgage tracker
Why You Should Invest in Herne Bay Property