English Housing Records New Record Highs
Great news for English and Welsh property owners as home values have hit another record high. The average home in England and Wales is now at £232,969, which is higher than 2008 peak prices.
This — a 2.6 percent increase from last year's English housing numbers — comes at a time when first-time home buyer figures are about half of what is considered normal. Property supply and market competition is creating a difficult environment for first timers, as well as driving prices to record highs. Some areas in London are so far skewed from the standard market that average home prices are well above one million pounds.
Lending figures show a 17 percent improvement year over year, with first timer mortgages at an elevated rate.
We have seen appreciations in 16 out of the last 20 months, which is a wonderful trend to sustain, barring any bubble scenario which is not likely at the moment. The only real downturns in the past two years have come as a result of the 2012 Olympic Games and heavier-than-normal weather conditions.
Two notable promotions came from the Funding for Lending scheme and Help to Buy, both of which help with credit for first time buyers' mortgage lending.
Are you seeing the same improved conditions in your area? Does this English housing trend affect your current position in the marketplace? How is the market in your area being affected by global market condition? We want to know.
Let us know your thoughts, ideas, or questions in the comment section below.
Photo Courtesy of Silver*Rose’s Flickr