UK Property market update by Evolution Properties

Rightmove (May, 2022) have stated this week that the average house price in the UK has now hit £367,501, meaning an annual price growth of 10.2%. A monthly increase of 2.1% brings prices up by £7,400 and £55,000 higher than pre-pandemic levels. The number of available properties has decreased by 16% since this time last year with an urgency for two and three bedrooms. Compared to 2019 the number of sales agreed has increased by 12%.

Rental payments are now 40% higher than ten years ago, while mortgage payments have increased by 11%. First time buyers are starting to find it harder to go make the jump from renting to buying due to this increase not only on rental prices but also house prices. A first-time buyer that needs 10% of the average house price will now require nearly £37,000, which can be harder to save for due to the cost of living rising as well as rental prices. However, someone looking to buy on their own would now need a 34% (£74,402) deposit to buy a first-time buyer home, compared to ten years ago when it was 25% (£35,053). While this will vary across the UK, on average the amount for a deposit for this type of buyer has increased by 112%.


Are you curious to see what your home could be worth on the current market? Contact Andrew or Oli today on 01233 501601 for a free, no obligation valuation!