The government must act now and address Britain’s housing shortages or else they risk creating a ‘lost generation’ of people who are unable to acquire ownership of a home, according to one of the country’s leading housing charities.
The total level of disposable income that the average British household possess will be 3.5% less in 2019 than it was at the start of the financial crisis back in 2008, according to one of Britain’s top think tanks.
First time buyers comprised the largest percentage of mortgage recipients during 2013, the highest level of acquisition since 2000, according to the UK’s largest lenders.
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Prime Minister David Cameron has moved to allay fears that the government’s flagship Help to Buy Scheme is risking a potential ‘housing bubble’ in the market, branding the scheme as a ‘complete success’.
Mr Cameron praised the impact the scheme has had in such a short space of time, and highlighted that over 700 houses had been purchased and another 6000 were experiencing some form of market interest since it begun earlier last year.
Over a hundred thousand people across the UK have utilised a payday loan to pay for their monthly housing costs, a study by the Charity Shelter has indicated.
Shelter conducted a study last year that gauged the impact of housing payments on 4,085 bill payers, and shockingly found that 2% had used payday loans to subsidise the costs in 2013.
2013 was an undeniably hot year for the British property market, with house prices and purchases rising to their highest levels in almost half a decade during the calendar year.
With the Bank of England set to refocus financing from their Funding for Lending scheme away from the property market this year, it is more than likely that acquiring a mortgage will become more difficult this year than the last.
Number of new properties failing to keep pace with transactions, with prices in London expected to rise by another 6%.
Property prices are set to continue to increase briskly from 2013 – 2014 stats, with housing website Rightmove predicting that they could rise by as high as 8% in 2014.
The Bank of England has warned that people with large loan to value mortgages at the moment will struggle to maintain their loan repayments in upcoming years, if they do start to plan their finances in accordance to higher interest payments.
The Bank argued that if interest rates increase prematurely, wages will have to rise at a similar rate otherwise many will be faced with monthly repayments that they will simply be unable to meet.
Property prices in the UK rose by a monumental 8.4% in 2013, according to prominent Building Society Nationwide.
This means that the average price of a house in Britain is now estimated to be around £175,826, almost a £10,000 rise from the year before.
The severity of price jumps has been attributed to the steepness of price rises in the final quarter within London, where a massive 15% increase in property prices happened in the latter stages of 2013.