The average cost of a home in Britain now stands at £170,000 bringing it to the same level not seen since 2007. The market has seen a spike in prices over the summer with buyers looking to take advantage of the various schemes that are being offered by the government and the Bank Of England. House prices are up 6.2% so far this year and the number of house sales has increased by 7% this year and is 19% higher that they were twelve months ago.
The Bank Of England has refuted claims that we are in the grip of a property bubble because the market taken as a whole across Britain is only showing signs of recovery. If London is taken out of the equation house prices are only rising at a modest level and there is nothing to be concerned about.
In the meantime the Chancellor George Osborne has decided to bring forward the Help To Buy Scheme from January 2014. The scheme will become available this week and this will probably push prices up further. However many people feel that this is not helpful as it will just push prices beyond the reach of most families. However others feel that we should help people get on the housing ladder as it is almost a right in the UK. It’s ok for people that are sitting in their nice big homes watching prices shoot up whilst working families are forced to rent because they don’t have the deposits to buy. Atleast this levels the playing field a little.