Doug Crawford, CEO of My Home Move, comments on Land Registry House Price IndexApril 28, 2016
“Nation-wide house prices were 6.7% higher in March than twelve months before, racing ahead by over 10% in London, the South East and East of the country. This reflects heightened activity ahead of the new stamp duty surcharge – the market has since cooled and with the Brexit Referendum on people’s minds, we are expecting an uncertain few months.
“The latest rises push London’s average house price to comfortably over half a million pounds – an incredibly high price for the privilege of capital living. Our data has found that the average deposit in London is 170% more than elsewhere in the UK, pricing out more and more hopeful homebuyers and highlighting the seriousness of this on-going affordability problem, particularly for first-time buyers. Gifted deposits are now becoming the only hope for many and we have seen a notable increase in those relying on this cash gift to cover their deposit.
“The questions still remains – how long will it take for the UK housing market to have a sustainable supply of houses that meet the affordability needs of both first-time buyers and second-steppers?”