They have also said that next year they expect to see house prices to be 2.3% higher than in 2007. Cebr also predicts the average home price will be £222,000 this year, 1.4% higher than in 2012, but just under the peak achieved immediately prior to the global financial crises.
Many economists have predicted that the new Help to Buy scheme will increase house prices, before housing supply catches up with the new demand. The CML (Council of Mortgage Lenders) have already reported that homes loans in the UK had got off to the best start since the downturn in 2008. However it is difficult for economists to make an accurate prediction, until the details of the new HtB loans are disclosed later this year.
With rents working out more expensive than a mortgage, there has never been a better time for first-time buyers to consider entering the market. First-time buyers can also choose from some very favorable mortgage rates, benefiting from the new Help to Buy scheme, offering a 20% interest free loan to put towards a new home.
If you are looking at investing in a new home, then why not give one of our Independent Financial Advisors a call, and we will be able to help you to choose from mortgages from across the market place.
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