House price rise by 7.9% in a year

Moneywiselogo

“The question is what does this mean for [Bank of England governor] Mark Carney: does he leave things as they are or seek to put some limitations on schemes such as Help to Buy in order to stop prices running away with themselves?

“The market is not functioning normally because interest rates have had to remain at 0.5% for five years. It is clear that this has been a long recovery and it is not over yet. When interest rates do start to rise, it will cause a real problem for those heavily indebted
homeowners, and will need to be handled with care.”

View Feature

 

Average UK house price soars to £175k

Moneywiselogo

“It is welcome news that figures showing private sector house build starts in England increased by 10% between quarter two and quarter three, to the highest level since 2008, however what we have to bear in mind is the time lag.

“It will take 18-24 months between getting these properties out of the ground and for someone to move in.”

View Feature

Adult children still rely on parents for financial support

 

“A 20% rise in the number of 20 to 34-year-olds living with their parents says all you need to know about the property market and economy – they’re broken,” says Nicholas Ayre of buying agents Home Fusion. “Property ownership is a pipe dream for the majority of today’s young adults while rents are at astronomical levels.”

View Feature

 

Adult children still rely on parents for financial support

 

“A 20% rise in the number of 20 to 34-year-olds living with their parents says all you need to know about the property market and economy – they’re broken,” says Nicholas Ayre of buying agents Home Fusion. “Property ownership is a pipe dream for the majority of today’s young adults while rents are at astronomical levels.”

View Feature

House prices “tread water” in September

Nicholas Ayre, director of property buying agency Home Fusion, says on an annual basis, prices are “essentially stagnant”.

He adds: “Given the truly dire economic backdrop, both domestic and global, it’s a surprise that house prices overall are proving so resilient. Things could potentially be a lot worse than they are.

“While the demand for property is understandably weak, low supply and low interest rates are acting as a glass floor under prices,” he says. “If unemployment continues to rise, then we could see more properties come onto the market as people are forced to sell. This could provide further downward pressure on prices.”

View Feature