Homebuyers advised not to wait as house prices rise

House prices have risen again in the UK over the past year – which means that those hoping to buy a new home are advised not to wait.

Figures from the Office for National Statistics released this month[FEB], based on data from HM Land Registry, show that prices across the UK rose on average by 5.2 per cent in the year to December 2017.

Chris Edginton, Sales and Marketing Director for Bellway Northern Home Counties, said sustained price rises experienced across the regional housing market showed real confidence in the local economy.

Bellway Northern Home Counties is building new homes in Northamptonshire – which saw 6.3 per cent annual growth in house prices – and Bedfordshire in the East of England, which saw a 5.2 per cent increase over the year. The division also has developments in the South East region, in Oxfordshire and Buckinghamshire, where the average rise was 4.2 per cent.

Chris said: “We’re seeing continued growth in the market here in the Northern Home Counties region, so there’s really no time to waste for first-time buyers who want to step onto the property ladder.

“With interest rates remaining competitive, and the Help to Buy scheme meaning buyers of new-build properties only need to save a five per cent deposit, it’s a great time to buy.

“However, we would advise that prospective purchasers act sooner rather than later, before prices across the housing market rise further still.”

Help to Buy allows purchasers to buy a new-build home with a five per cent deposit and a 75 per cent mortgage. The remaining 20 per cent is provided in the form of an equity loan from the Government, which is interest free for the first five years of homeownership.

Bellway Northern Homes Counties is building new homes at Bedford, Biggleswade and Wootton in Bedfordshire; Raunds and Brackley in Northamptonshire; Chipping Norton, Banbury, Wantage and Bicester in Oxfordshire; and Aston Clinton, Newport Pagnell, Milton Keynes and Pitstone in Buckinghamshire.