estate agents

 

A tentative recovery may be underway - as the average UK house price rose 0.2% to £290,000 in August, according to latest government ONS data.

However, despite the huge advantage of not having a chain, it seems that first time buyers are still a rarity and the vast majority of buyers are over 50.

Property data company Outra - www.outra.co.uk - finds that the average age of buyers has increased to 52.5 years and that most buyers now possess and use large deposits, sometimes utilizing up to £250,000 of stored equity in their existing homes.

Outra founder Giles Mackay paints a gloomy prospect for younger buyers: "The UK's housing market is now the preserve of the old and rich. There's a real danger that what this trend indicates is the start of an inheritocracy."

It seems that, in order to take advantage of their absence of a chain, first time buyers also continue to need access to large deposits to secure funding, while also - as detailed in our last blog - avoiding the pitfall of surveys valuing properties lower than their offers.

Qualified good news then for those selling properties and still opportunity for first time buyers, albeit those with large deposits and accurate valuations.

Speaking of which, for free expert advice about Ascot and surrounding areas residential property, please contact us for a no-strings chat.

 

 

 

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