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It’s significant that both Rightmove and LSL are reporting prices falling in England and Wales, year on year, for this month, and albeit these are ‘tiny’ falls, they indicate a slowing market. With an election upon us, housing is going to be a key topic, but perhaps not as high as it would be without Brexit still ‘being on the list of ‘to dos’. For all the latest on property prices, read Kate Faulkner's comprehensive report.
With much of the press regularly reporting that it’s impossible for youngster’s to get on the housing ladder today, I thought it would be interesting to see what teenagers in my local area – Nottingham – thought about their chances of getting on the property market. Rather than interrogate budding buyers myself, I thought it best to let one of their peers run the research – and film the results.
Regionally, huge differences still remain with London, despite the recent falls still showing almost double the price growth since 2007. For those investors ‘leaving’ London for more ‘northern’ climes, they need to seriously think if this is the right decision. At the other end of the scale, affordability for those in the Midlands and North and even some in the South since the falls, has improved for many first time buyers – at least from a mortgage lending vs average wage front. Not something you’d think had happened with the constant ‘it’s impossible to afford a home’ headlines! Read my article to find out more.
At the recent Property Investor Show I made two presentations, one covering the changes to the property market during elections and recessions, and another discussing the latest forecasts for both the next twelve months and the next few years.