The UK property market has seen a moderate increase in house prices over the past 12 months, with an average rise of 3.8% according to recent data from Rightmove and Zoopla. This growth is slightly slower than previous years, but still reflects a buoyant market.
Regional variations in house price growth have been evident across the country. According to Rightmove's analysis, London remains one of the most expensive regions, with prices up 4.5% over the past year. In contrast, the North West and North East of England have seen slower growth rates of around 2-3%.
In terms of rentals, average prices across the UK have increased by 3.3%. This reflects a rise in demand for housing, driven partly by the ongoing shortage of available properties on the market.
For first-time buyers, the prospect of rising house prices and rents may seem daunting. However, some experts suggest that this could lead to increased competition among buyers, potentially driving down prices over time.
Landlords, meanwhile, may welcome the increase in rental income. However, this will need to be balanced against rising mortgage costs and other expenses associated with property ownership.