It’s no secret that house prices have increased a lot over the last 10 years. In fact, since 1997, they have gone up by 259%, with the average UK home now likely to cost £218,255. If you’re looking to buy in the North East – the most affordable region in the UK – you can expect to pay less, at around £123,781 for the average property.
Looking at London and the South East specifically, Henry expects prices in these regions to “remain pretty buoyant” in the long term. This is similar to other predictions which suggest that annual house price changes could rise from 4% in 2018 to 6% the year after.
We asked Henry about these increases, and he believes that house price inflation in the short-term will actually “slow over the next six months and in due course turn negative.” Looking longer-term, house prices may “pick up again towards 2020 and be positive in five years’ time.”
With signs that house price increases are set to slow temporarily, Henry tells us that if you’re a potential buyer:
You need to be ready to move as soon as prices become affordable and the right property comes along.
So, how can renters prepare themselves to move onto the property ladder when the opportunity arises?