Given the current uncertainty in the property market and the country, no one is willing to look too far ahead when it comes to house prices. While many people have had a long-term approach to property, it is easy to see why people become fixated on what is most likely to happen in the next year or two. However, a recent study will raise a few eyebrows and maybe even have a few people spluttering as they drink their morning cup of coffee or tea.
A review of historic first-time buyer property data from Land Registry suggests that people who are born in 2019 will be paying £1.2 million for their first home when they reach the age of 34. Of course, we all know the London property market stands apart from the rest of the country and the price for first-time buyers in the capital is an eye-watering £4.5 million.
Property purchases could become even more difficult
There have always been many reasons to prefer the Stockport property market as to the London and South East market but even these figures seem a step too far.
A director from the company that carried out the research, Marc von Grundherr, spoke about these projections, saying; “This research considers the ups and downs of the first time buyer market historically and how things could play out for the generation of first time buyers being born today if these trends were to repeat themselves. Of course, it’s impossible to predict the future of the UK property market, particularly given the current turbulence caused by wider economic and political factors, however, this research acts as a warning of what could happen if we continue to fail in the delivery of affordable starter homes.”
In reality, it is a great talking point and a sign of what could happen in the property market if things are left unchecked but in reality, it is extremely hard to predict what will happen next year with any confidence, let alone in three and a half decades. If the price of properties rises to such a level, it will likely be relative to wages and income being at a comparable level.
The right help can make buying property much easier
It isn’t likely going to become any easier to buy property in the future unless something changes but as the struggle faced by many would-be buyers these days would tell you, it isn’t easy right now.
These predictions may leave you feeling apprehensive about the future of the property market, but there is no reason to let this put you off making any move now. If you are keen to review the local property market or you need help in making a move, contact us and we will be more than happy to assist you.
As Stockport property specialists, we want to ensure you stay in touch with the latest property news. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html