Predicted house price rises over next 5 years
According to a report out last week in one of the main stream newspapers the average house price in the UK will rise by 25% over the next five years to more than £320,000, this is a revised prediction by the Centre for Economics and Business Research, one of the country’s most respected forecasters.
This increase in house prices is being put down to the scarcity of property for sale, Economist Nina Skero, author of the report, reportedly said: “A reduction in the number of properties being put on the market has placed further upward pressure on house prices in some parts of the UK.
It was highlighted in the report how the price gaps between different property types are widening, the effect of this is that first time buyers find it even more difficult to get that first foot on the ladder and those wishing to move up the ladder.
Housing Minister Brandon Lewis recently talked about Government schemes that should help open the door to owning one’s own home, saying that they want to ensure that anyone who works hard and aspires to own their own home has the opportunity to do so.
As the prices move up and with the possibility of future interest rate rises, potential first time buyers will need all the help they can get, the new government website lists all the schemes available, for more information visit: www.ownyourhome.gov.uk.
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