Getting your foot on the property ladder is not getting any easier. This is especially true in recent months with the annual house price growth increasing from 2.6% in December to 3.2% in January.
On top of that, the average UK house price reached £211,756 in January. This is the highest figure ever recorded.
Why are house prices on the up?
Nationwide chief economist, Robert Gardner, explained that house price growth has accelerated because of the low number of properties coming onto the market.
We have a massive issue of supply and demand in the UK. Given the problems with the construction sector with companies like Carillion going out of business, things won’t get better anytime soon.
Buying your first home is still possible
Although it might require a lot more effort than it did for your parents, buying a house is still an achievable goal.
In fact, 1 in 3 in the PinPoint community are saving to get on the property ladder. It goes to show that despite the ever-increasing prices, buying a house is still a top priority for most of us.
3 important things you’ll need to think about:
- What value of property and mortgage you can afford
- A realistic timeframe in which you can achieve your savings goal
- How government schemes like the Help to Buy ISA or the Lifetime ISA (LISA) can be a big help
We weren’t taught this stuff in school, so it can be hard to know where to start. Having a plan you believe in is much easier to stick to.
Luckily for you, we’re here to help you do just that.