21 Sep 2016
First-time Home Buyers Post Brexit
Rightmove Director, Miles Shipside, says first-time buyers are having their hopes dashed post Brexit as the UK property market remains strong, where house prices continue to rise. The uncertainty that many had predicted has not happened. Potential first-time buyers are now facing a 3.3% rise in price on 2 or fewer bedroom properties. This equates to an average increase of £6,240 month to month, and by 10.5%, or £18,450 over the past year.
The average starter house price in London is now at almost £195,000, which has increase by £20,000 in the last 12 months. The actual average property price in London is £477,000. England and Wales have generally seen a house price increase of 0.7% month on month, and 4% in the last 12 months.
Miles Shipside has said “the rising tide of prices is marooning more and more first-time buyers, out-stripping their ability to meet stricter lending criteria and afford the required deposits and monthly repayments”.