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Houses price keep rising - UK

Messages
156
#1
According to BBC News, an article that was published Tuesday states that house prices are only just to keep rising. 20-30 years ago you could purchase a property in real estate for £50,000, now the market has trippled! What's the hardest obstruction, saving for a deposit or buying the property? Saving a deposit isn't a problem for me, it's having a sustainable income so I can get approved a mortgage from my local bank.
 

PS-Sam

New member
Messages
3
#3
With more demand for housing, prices are only going to increase which is why it's crucial for the government to hit their target of building 300,000 homes a year. With the new Help to Buy ISA providing a 25% bonus up to £3,000 and 95% LTV mortgages becoming more popular amongst lenders, the deposit is no longer much of an obstacle. It also helps that first time buyers are being exempt from stamp duty on houses up to £300,000.

Income is definitely the biggest obstacle, as you will only be able to take out a mortgage at an amount of 4x your salary (in some cases it's 5, it all comes down to the lender).
 

Ash

New member
Messages
40
#4
It's not great at all and it's worse for us in London because the house prices are just becoming way too absurd. It's not great that the cost of living has also increased which means that food, bills etc. have all just been increasing in prices! I also read a report recently that said that the salaries in the United Kingdom actually aren't increasing in line with how the cost of living is increasing which is not a great thing to hear either.
 

Ramona

Administrator
Staff member
Messages
73
#5
I've noticed prices increasing in real estate in many areas. In my city they are clearly on the rise and our friends from NYC also report that house prices and even rent are soaring again. We'll see ...