Is It Time to Buy a Home in the UK?

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Is It Time to Buy a Home in the UK?According to a recent article by The Telegraph1 and a survey by The Guardian2, homes in the majority of cities in England, Wales and Northern Ireland are now more affordable than they have been for nearly two decades thanks to falling inflation, low interest rates and rising wages.

This leads us to our next inquiry: Is it time for you to consider purchasing a home in the UK? Below we’ve shared some interesting and useful statistics from articles and survey about the current state of the housing market in England, Wales and Northern Ireland.

A recent survey showed that the numbers of first-time buyers joining the UK property market jumped up 22 percent to 326,500 in 2014 — following a 23 percent increase in 2013.1 First-time buyers are crucial to the state of the housing market. Not only do they increase morale, they also control the state of the annual increase.

The ability to purchase a home has improved greatly across England and Wales. The increased ability to buy a home in the UK has been spurred by government initiatives such as the help-to-buy program. This program was launched to help average UK residents into the housing market by becoming first-time homeowners. The success of the program is demonstrated by the average age of first-time buyers at only 30 years old.

As the economy in England, Wales and Northern Ireland continues to flourish, more workers are being pulled to this area from overseas. The average cost of a home purchased by first-time buyer rose 9 percent compared to 2014. However, the average cost of a deposit for this type buyer fell 7 percent over the same period of time.

With all of the information provided and the current state of the housing market, are you considering purchasing a home or participating the help to buy program? Share your next steps with us!

References

1White, A. (3 August 2015). Crisis, what crisis? Majority of houses more affordable than in 1997? Retrieved 27 August 2015 from http://bit.ly/1ieWwr1

2Press Association. (5 January 2015). First-time home buyers at seven-year high. Retrieved 27 August 2015 from http://bit.ly/1JsJoVI

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Jordhan Briggs is a content writer and copywriter at Enova International, Inc. dedicated to providing the most informative and useful content about living a rewarding life on a budget.

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