Thousands of aspiring homebuyers flooded the property market when it reopened last May, as pent-up demand, combined with new enquiries from buyers reassessing their property needs during Lockdown 1.0, created a surge in demand.
This was further intensified by the Stamp Duty holiday.
House prices in the UK climbed 7.5% last year, the highest growth rate for six years. Amongst the home nations, England saw the highest growth last year, with prices up 6.9%, prices rose 6.6% in Wales, 5.9% in Northern and 3.2% in Scotland.
Even as the wider economic recovery lost momentum in recent months, housing market conditions have remained robust and in October, mortgage approvals reached their highest level in a decade.
Your home may be repossessed if you do not keep up repayments on your mortgage
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First-time buyers nearing forty
The average prospective buyer predicts they will be 37 years old by the time they finally step on the property ladder, up from 32 years old only two years ago. The survey by First Direct also found that 86% of prospective first-time buyers considered the...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
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