Increasing house prices questions future for first time buyers in Yorkshire

House prices in the United Kingdom have been reported to be rising the fastest in Yorkshire and the Humber.

The UK average house price increased by 2.2% over the year to December 2019, up from 1.7% in the previous month. They rose 3.9% in Yorkshire and Humber last year, but just 1.2% in the South East.

According to the Office for National Statistics: “Over the past three years, there has been a general slowdown in UK house price growth, but there has been a pickup in annual growth since July 2019.”

Deputy Lord Mayor and Liberal Democrats councillor, Gail Smith, said: “Perhaps it is time to re-think right to buys, or at least the council should get help to buy some back, the government need to do more to help local authorities.”

The BBC’s housing calculator shows that first time buyers in Yorkshire and the Humber Region are around 31 years old and have a deposit of about £30,847.

Emma Facey, 30, is a first time buyer currently looking to purchase a home with her partner in Sheffield. Miss Facey said: “Trying to get a mortgage is hard enough and with house prices increasing it worries me that we will never be able to own our own home. I am scared for the future.”

Labour councillor Andy Bainbridge, said: “I’m very concerned that yet again poorer people will be left behind. Young people already have to stay with their parents longer, because they can’t afford to leave home.”

The Royal Institution of Chartered Surveyors (RICS) state the number of people looking to buy a house rose in January, as did the amount of homes for sale. However, with house prices escalating, it does not seem that this pattern is going to change any time soon.

Adrian Richards, marketing manager at Blenheim Park Estates in Sheffield, said: “Although it is great for the region…it is going to be difficult for the next generation to purchase; I think many will have to rent for the future.”

Featured Image: Copyright Bernard Sharp 

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