Latest Property News
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The British love affair with homeownership
For generations, owning a home has been part of the national dream. It represents more than bricks and mortar, it is security, stability, and a sense of achievement. The most recent Census results underline just how strong that desire remains across the UK.
In Scotland, 63.2% of households own their homes, while Northern Ireland sits slightly higher at 65.2%. Wales leads the way with 66.1%, and in England, the South West tops the chart at 65.9%. Even in London, where affordability is at its toughest, almost half of households (45.2%) still manage to get a foot on the ladder.
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The Growth in the Number of Homes For Sale in Frome in the Last 3 Years
In the last three years, the number of homes for sale in Frome has risen by 212%. Interesting when compared to the national stats, where the stock of homes available has climbed from 478,055 to 736,333, an increase of around 54%.
On the surface, this surge nationally may look alarming. More homes on the market might feel like there is less chance of standing out as a seller. However, context is everything. If we look back to 2008, during the financial crisis, there were around 1.3 million homes for sale across the UK. Compared to that, today’s market is still tighter.
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£355 per month cheaper for First time buyers
They say you can’t have your cake and eat it too. But for many first-time buyers right now, falling mortgage rates are helping to prove otherwise.
On the average UK first-time buyer mortgage, monthly repayments are around £355 cheaper than they were three years ago. That saving can make the difference between simply scraping by and still being able to enjoy some of life’s little extras ... whether that’s a holiday, hobbies, or just breathing room in the budget.
Of course, we know that buying a home still feels out of reach for some. Yet for those who are ready to take the leap, this shift in affordability is worth knowing about.
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We all know rents have risen since 2016.
But once you adjust for inflation, the picture looks very different. Nominal growth tells us what the numbers say on paper. Inflation adjusted growth tells us what it feels like in people’s pockets.
Here’s how it breaks down, region by region:
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House Price Rises in the Last 50 Years
Over the last half century, the British housing market has experienced staggering growth. Since 1975, average house prices across the UK have risen by between 1,659% in Scotland and an eye-watering 3,753% in London. To put that into perspective, a home worth £10,000 in the mid-1970s would today be valued at anywhere from £175,900 to more than £385,000, depending on the region.
