Thanks to ever-rising UK house prices, the dream of ever owning your own place can seem like a very distant reality but it now seems that buying a house in your 20s could be more realistic now than it has been for a while.
Trying to remember all the property jargon of buying a house (as well as all the extra expenses like stamp duty) is enough to boggle anyone’s mind so let us just start with the good news today.
It seems like housing for first-time buyers, and buyers in general, may be finally getting more affordable. Kind of.
According to Halifax, this month has seen house prices fall for the third quarter running and this is the first time the property market has done this since 2012.
House prices between April and June have been on average 0.1% lower than they’ve been in the previous three months, and last month, house prices fell another 1% with the average price of a house now going for £218,390.
And, seeing as house price growth has been on such a strong rise for the past few years, it was refreshing to see that the rise of house prices dropped from 3.3% in May to 2.6% in June. And, yes, this is the lowest increase we’ve seen in property prices for four years so that’s something.
The housing market has felt like an impossible grasp of late because of the unrealistic link between consumer prices and living costs rising more than wages are so here’s to hoping prices continue to fall to allow more to take a step onto the property ladder.