UK House prices post first annual increase in more than a year

UK House prices post first annual increase in more than a year


If trying to get a foot onto that first step of the property ladder feels like an uphill battle, you're not alone, and you could benefit from Shared Ownership. 

The current state of the UK housing market is showing signs of a boost, with house prices experiencing their first annual increase in over a year. According to research conducted for Britain's largest building society, the average price of a home in the UK has risen to £260,420. This is a 0.7% increase from the previous month and is 1.2% higher compared to the same period a year earlier. 

Particularly in London and the wider South East of England, the housing market is experiencing a surge. These regions have traditionally been the most expensive and competitive, making it difficult for first-time buyers to get onto the property ladder, and currently, the cost of owning a home seems to be outpacing salaries at an astonishing rate. 

Turning to Shared Ownership as House Prices Rise:

This isn't just a statistic to shrug off. It's a trend that could potentially inhibit countless people from achieving their dream of homeownership. As daunting as it may seem, these figures needn't put you off dreaming of leaving the rental cycle or a family home for a place of your own. There are creative and manageable approaches to climbing onto that property ladder, and among these, Shared Ownership has emerged as an increasingly popular option in a difficult buying market. 

As house prices rise, the question beacons - How can you, the prospective buyer, seize this moment to get onto the property ladder in an affordable way? As house prices rise, many have found the answer in Shared Ownership – an appealing route for young or first-time buyers, where the deposit required is significantly lower compared to buying on the open market.  

If you're pondering your next move in this rising market, here's a list of why shared ownership might just be your much-needed foot on the property ladder, particularly in high-cost areas:  

Lower Deposit:  

Shared ownership properties often require a smaller deposit, making them an affordable option compared to buying on the open market. It can be a gateway to owning a property, particularly for first-time buyers. 

Ease of Incremental Ownership:  

Under shared ownership, you can start by buying a part of the property (between 25% and 75%) and gradually increase your owned share over time – making it financially manageable without a high salary or large deposit. 

Access to Better Locations:  

Shared ownership can often give you access to properties in locations that may have otherwise been out of your budget. It opens the door to owning homes in desirable areas like London and the Southeast of England. 

So, despite the rise in house prices, there are alternative ways for hopeful buyers to enter the housing market. Whether you have a low income, a small deposit, or you're a solo buyer, now might just be the perfect time to make that crucial decision and step onto the property ladder via Shared Ownership. 

Get in touch with our team today to explore your options or explore our available properties for purchase.