House prices across the country have increased leaving many first time buyers simply looking anywhere for a solution to being able to afford their first residence. With prices growing more than £10,000 in one year on average, the market is getting tougher and tougher to break into. Experts see a potential crisis with such growth and are in debate as to what the breaking point will be.

According to the Office of National Statistics, houses on average during the same month 2016 were priced at £214,000. This month, the average price found across the country is priced at £223,257. House prices have therefore increased more than £2,000 per month in the last twelve months.

Many first time buyers are finding it harder and harder to produce an adequate deposit for the home of their choice. This is leading to many staying at the home of mum and dad for an extended period or choosing to rent their first dwelling.

House price growth is nothing new to this market, but surprising to many, the growth in the last twelve months has been impressive. The east of England has experienced the greatest amount of growth at 7.2% in the last year. Prices however in the capital city have increased only 2.9%.

Richard Snook of PwC commented on the latest figures, saying: “There has been much reflection about the 10-year anniversary of the global financial crisis and housing market performance over this period highlights the disparate performance across different parts of the UK.”

As housing market prices have grown, so has the amount of activity found in the remortgage sector. Experts continue to urge those who have not yet remortgaged to consider it in the near future.