It used to be a case of the only way is up when it came to house prices, but now the housing market resembles a game of snakes and ladders; it’s up and down and very unpredictable. The latest figures from Nationwide reinforce this, as data shows a monthly drop of 0.3% in house prices but an increase in year on year prices of 3.5%.
The figures paint a rather confusing picture and although the monthly decrease in prices is a small drop in the ocean, it’s the largest fall for almost five years. Nevertheless, as the annual figure shows, house prices are still growing, albeit modestly.
The average house in the UK, now costs £207,308 according to Nationwide. The South East of England enjoyed the largest growth in prices – up by 6.4% on the year, followed by East Anglia (up 5.7%) and then the South West (up 5.4%). Wales and the North saw the least growth.
If anyone was in any doubt about just how expensive it can be to own your own home, data from the National Housing Federation (NHF) makes the point glaringly obvious. It calculated that there was only one town in the whole of England that workers earning less than £18,500, could actually afford to own their home – Burnley in Lancashire.
The NHF also found that whilst house prices had risen 120% between 2002 and 2016, wages had only increased by 38% during the same period. But even if the figures seem to make house buying a distant dream, it’s still the one thing many of us aspire to. Which is where we can help – we’ve got tips and advice on how to save for a mortgage and how to maximise your chances of getting one approved; we can also help you remortgage if your current deal’s come to an end.
Of course, once you’ve got your dream home, there’s a whole load of other expenses you need to sort out – most importantly – your home insurance. And seeing as we’re one of the largest comparison sites in the UK, you’re in the right place to compare – so why not start right now?