The Royal Institution of Chartered Surveyors has warned that first time buyers risk being priced out of the housing market, with house price growth at its strongest level since 2016. The RICS survey ‘score’ for prices rose to 44%, up from 13% in July, and is now at its highest level for four years
Commenting on the research, Nisha Vaidya, mortgage expert at Bankrate UK, said: “There’s been a lot of recent news about the current ‘mini boom’ in the UK property market. This sharp uptick in buying activity and house prices has positive implications for some people – such as those looking to sell and downsize – but causes real difficulty for prospective first time buyers who want to get on the property ladder.
“Alongside rising prices, prospective buyers are having to grapple with the fact that more and more lenders are withdrawing their low deposit mortgages due to the current economic uncertainty. It’s no wonder many potential first time buyers feel priced out of the market at the moment.”