November saw a small victory for first time buyers, as the housing prices fell by £380.
The average British home now costs just over £200,000, which is a decline month on month, but unfortunately is a raise over the year in total.
While November 2015 was £380 cheaper than October 2015, it was £16,494 more expensive than the homes on offer in November 2014.
This shows that house prices have climbed an extraordinarily long way, and rather than come down, prices have overall stepped further out of reach of people, especially first time buyers.
There are limits on the amount of money that a lender can lend out for a mortgage, often worked out as a multiple of the salary that the borrower earns.
Unfortunately, the price, as it stands, is reportedly nearly ten times the average salary in the UK. In practically every case, no lender will lend out a mortgage for ten times the borrower’s annual salary, and even though one mortgage can be split between a couple, it would still be five times the household income – a high risk lend.
A spokesman for Property Partner, and top property expert, Rob Weaver, is quoted to say: “Despite a tiny dip in November, broadly house prices are continuing on their upward trajectory.”
Of course, this rise of £16,494 is good news for people who are already property owners; it sets a precedent for selling property at a high price. Unfortunately, the people trying to buy will struggle so much more, despite the efforts of the governmental schemes to bring those very prices down.
