The latest housing market forecast by Compare the https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget suggests that the average price of a home in England is set to rise by more than 30% during the next 10 years.
The forecast for prices across Greater London is a rise of 33% during that period, which would leave the average price of a house there at £619,568 by 2031. The predicted increase is slightly lower for other parts of England, at 30%, but that would still leave buyers facing an average price of £323,718 a decade from now.
It is not just prices that Compare the https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget is expecting to go up, as it also forecasts a rise in the age of first-time homebuyers during that period. By 2031, the average London house purchaser is predicted to be aged 37, whereas at the moment it is 35.
When it comes to other parts of the country, the average homebuyer age is currently 33, but is forecast to go up to around 35 by 2031. With prices rising steeply, the age in which people will be able to afford to buy is almost certain to rise as well.
Speaking to Deadline News, Compare the https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget’s Home Insurance Head, Chris King, said:
“Despite house prices seeing an all-time high and the average age of first-time buyers set to increase over the next 10 years, it’s interesting to see that buying habits have remained similar.”
Seeking out specialist mortgages after CeMAP training may be the best way advisors can combat ever-rising house prices.
