How Much Is That House?

17/10/2013

The average value of a British house is now £247,000


There’s been a sharp increase in property prices but the demand for property is also increasing, fuelled by the government Help to Buy scheme

All of this leads to speculation about a housing bubble, however it seems that people are worrying unnecessarily

Howard Archer, the chief UK economist of IHS Global Insight, said: "We are a long way off from an overall housing market bubble emerging."

‘Indeed, in many areas house prices are still well below their 2007 peak levels and rising only modestly at the moment.’

The property price rise has been across the whole of the U.K, Scotland being the exceptiion. The highest rise is in London at 8.7% , here in Norfolk the rise has only been 2.3%, behind East Midlands at 3.8% and the West Midlands 3.5%

Howard Archer did warn that property prices could inflate significantly due to the improving housing market activity and the Government help to Buy mortgage scheme.

We believe the Help to Buy mortgage scheme is an absolute necessity to enable our young people an opportunity to get onto the housing ladder, generations before have had the privilege so why shouldn’t our young of today?  It allows buyers to put down a deposit of just 5%, without this scheme many people would never have a chance of ever owning their own property to live in.

The property market is looking good and it causes a knock on effect, when property is good people in general are happier and more prosperous. In Norfolk where everyone is happy already, add a property boom, it’s positively the best place in the U.K to be!


Samuel Le Good Co founder of abbotFox

Follow on Twitter @abbotfox

 

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