More gloomy news for prospective first-time buyers today, as the Halifax reveal that there are now no longer any towns throughout the UK where average house prices are below £100,000. Despite the widening gap in salary increases, house prices continue to grow.
The increased prices affect everyone looking for a mortgage loan, from first-time buyers through to buy to let investors . When buying new properties, many first-time buyers in particular are being faced with an almost impossible task.
The chief economist at Halifax, Martin Ellis, has argues that the high price of houses, coupled with the cost of living and higher interest rates is causing a gradual decline in demand for housing . He reportedly commented: "House prices continue to rise in a tight market but there are emerging signs that pressure on householders’ finances, partly due to the rise in interest rates since last August, is dampening demand."
Financial services experts nevertheless predict further house price increases this year.
Average house price exceeds GBP100,000, mortgage seekers warned
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Average house price exceeds GBP100,000, mortgage seekers warned
Wed, 25 Apr 2007
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