Property in the UK has reached its highest value for 10 years, according to a report conducted by Nationwide.
The average price of a property in the UK has reached £196,930, an increase of 4.8% in the last 10 months. Due to the continuing increase in house values, UK property remains a strong market for investors, especially in prime locations around the country.
However, the report also revealed that housing supply is at its lowest for 14 years, driving property values higher. The chief economist for the Nationwide, Robert Gardner, said:
“We expect the underlying pace of activity to increase in the quarters ahead as improving labour market conditions and low borrowing costs provide ongoing support.”
The Halifax has also provided evidence that suggests property value will continue to increase, finding that value has increased by 9.7% during the last year. Properties in London are not faring as well as other locations, as it reaches an affordability limit. Some properties in the most desired locations have suffered falling house prices, as sales drop due to affordability issues.
Affordability will continue to be a problem for many as house prices continue to soar. Saving for a deposit has now become an impossible target for first time buyers who have a low income.
Mortgage advisers attend CeMAP courses in Birmingham and other cities around the UK, so that they are equipped with the knowledge and skills to help people find a suitable property and affordable mortgage.
