First Rung of the Property Ladder Remains a Challenge for Many Seeking Ownership
House price growth within the housing market has been strong over the last decade and it is the main reason many believe so few can gain access to the property ladder at this time. Currently, many working families in Wales and England are being forced to trade in their properties in exchange for smaller size homes. According to an analyst from Savills, taking on a smaller property is the only way for many to be able to afford a home in this market.
According to the latest housing data, the purchase of homes by foreign investors as well as a shortage of newly constructed homes has also kept many out of the realm of ownership. According to the Office of National Statistics, the average price of a home across the country is now £226,906. This is a 47% increase since the worst part of the economic meltdown which took place in 2009.
London is a different market entirely as house prices have increased almost 100% in the last decade. The average property in the capital city now sits at £484,585.
As house prices increase and put many in a challenging position to reach the property ladder, remortgage has created many opportunities for current home owners. Low interest rates have opened windows of opportunity for owners of property as well as landlords.
As the year 2018 continues, housing experts expect remortgage demand to remain strong, especially with such low interest rates available. These rates are at historic lows now, but that could change as the year progresses.