It can be all too easy to be negative about the UK property market. High prices and a lack of supply means that many people feel as though they are being priced or squeezed out of the market. Despite this feeling though, there is a suggestion that there are aspects to be positive about when it comes to getting on the property ladder. This news comes on the back of information provided by the Halifax in their First-Time Buyer Review.
The Halifax has listed the number of first-time property buyers in Britain at 359,000 which is a ten-year high for this occurrence. When you take on board the fact that the average level of deposit has risen by 91% over the same time-frame, this is quite a remarkable figure. It isn’t easy to get on to the property ladder these days but these figures should provide optimism that it is possible to make headway with respect to the British property market.
Average deposit levels have risen in the UK
The average cost of a deposit back in 2007 was just £17,740 but in 2018, the average deposit in the UK is £33,339. If you are not buying property in London, you should be able to find a lower priced property, but even in other areas of the country, prices have risen, making it harder to get on to the property ladder.
The average cost of a first-time property in the UK in 2018 is £212,079 and his is 21% dearer than the average price of a first-time property purchase back in 2007. In London, the average price for a first-time property purchase is £422,580; making it even harder for youngsters to get on to the property ladder. In the capital, unless you can rely on the Bank of Mum and Dad for support, it is unlikely you will be buying property at a relatively young age.
Stockport offers property opportunities
The situation is not as bleak in other parts of the country though and the north west is regarded as an area with many opportunities to get on to the property ladder. Then again, with the average age of the first-time property buyer in the UK now being 30 years old, the market has changed. There are fewer people buying property in their twenties and this will have impacted on the rental market. It may be that more people are staying in the family home for longer to save money in order to buy a house, but there is a change in the way people buy homes these days.
If you would like to talk more about Stockport property options, you will find that we are the local experts you can rely on. You can give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html