The average price of a UK home has topped £250,000 for the first time, but the housing market may be ‘starting to slow’.
That’s according to property website Zoopla.
The property organisation bases its monthly figures on a combination of sold prices, mortgage valuations and information and data on agreed sales.
And it says that while the average price of a UK home hit £250,200 in April – therefore going above £250,000 for the first time – there has been an increase in both the number of sellers now reducing their asking price and the time it takes to actually sell a home.
Zoopla added that although the housing market was ‘still much busier than pre-pandemic norms’, they believe the pace of house price growth was slowing.
Yet does that mean more people can get on the property ladder?
First-time buyers are still faced with high house prices – and in the vast majority of cases are unable to afford their dream first home. They often don’t know how to go about rectifying that situation either.
It remains easier to rent, yet renting, in the long run, can prove to be much more expensive.
Many first-time buyers will still struggle to get on the property ladder even if house prices fall significantly, according to think tank the Resolution Foundation.
The Foundation said that back in the 1990s, a typical young couple managing to put away 5% of their income each year could save enough for a deposit in four years. As house prices have surged over the decades, by 2019 that figure had increased to 21 years!
The Foundation also said that many renters have been forced to dig into their savings, making the task of saving for a deposit to get on the property ladder even harder.
This is where, historically, the Bank of Mum and Dad has often ‘come into play’, with much need financial assistance. But that particular bank might not be available just when you need it, or mum and dad might well need their spare cash for themselves, especially as the cost of living crisis continues to bite hard.
Now imagine you were an employer; maybe you are. Well, when it comes to your employees, what is the impact of staff struggling to achieve their dream of property ownership?
And what impact does it have on your company?
Can you, as an employer, make a difference, in order to help your employees achieve their ambitions, perhaps securing that much sought-after mortgage?
Renting can offer flexibility to move locations relatively quickly. Is this a good thing or bad thing for employers….?
If not by a pay rise, then what other ‘helpful’ options are available to you as an employer? Have you a financial wellbeing policy in place that would enable your employees to fully understand their financial situation, and see just what they have to do in order to be able to land the house they want?
Having a flexible financial plan can help employees identify ways they can save money – to put towards that dream house.
Taking out a mortgage is a key part of someone’s life, but how does it fit into their bigger financial picture?
Lifetime work with employers to deliver a financial wellbeing programme which enables employees to understand their money options, including how to prepare and plan to acquire that very first mortgage.
We believe the power of financial guidance and planning can help people achieve all the things they want, today, tomorrow, and for the rest of their lives.
At Lifetime we don’t just have specialists in planning, investments and pensions but we also have Scott Kershaw, our mortgage expert (pictured).
Scott is our Mortgage Adviser, helping clients with new mortgages, re-mortgages and protection. Backed by a dedicated administrative team, Scott has a wide range of knowledge about the housing market.
As Lifetime are in contact with over 90 different lenders, Scott has the tools to find the best mortgage for your circumstances.
And don’t just take our word for it!
Here are a few 5⭐️ reviews about how Scott has helped people achieve their mortgage goals and dreams!
- If you would like any information on your mortgage situation, or to speak to Scott then please contact us through our website (https://www.lifetime-fm.com/contact-us/) or call our office on 01226 208600.