Young
buyers find refuge in the valleys
Young
buyers are turning to Wales after being priced out
of the South of England.
According to SmartNewHomes.com, in addition to a
growing number of first-time buyers, who have been
driven out of the expensive southern regions of
England, young homebuyers are moving towards the
more affordable property hotspots in Wales.
As a
result, Wales, where average property prices are
£238,765, has seen an influx of new home buyers, in
search of a greater variety of more affordable
homes. Prices have rocketed by 9.1 per cent in April
alone, and 4.8 per cent over the last year.
However, despite this recent surge, prices still
remain highly competitive. While homebuyers at the
bottom of the ladder in the south are increasingly
finding apartments to be the only property type that
falls realistically within their budgets, those
choosing to move out to more affordable destinations
are able to chose from a wide range of townhouses,
semi detached and detached homes that typically
offer more space, often with private gardens and
private parking.
David Bexon, managing director of SmartNewHomes.com,
said: "Young homeowners are becoming more mobile in
their search for a property and a better lifestyle.
Cities such as Cardiff are continuing to act as a
magnet for young homeowners, with thriving business
centres offering a growing number of career options
and prospects in addition to a wide choice of
property at affordable prices and for many, a better
quality of life." (source mi)
Interest
rates held this month
The Bank of England
has opted to keep interest rates at 5.5% in June.
This follows a welcome reduction in the inflation
rate from 3.1% in March to 2.8% in April according
to the Office for National Statistics.
Many analysts,
however, expect a further rate rise later in the
year to 5.75% in order to contain inflationary
pressures in the system. Rises to fixed-rate
mortgages are already hitting borrowers and this
could affect the housing market - which is already
perceived as weaker in some areas.
ociety
deputy vice president Paul Marsh said:
"The government has turned the whole
process of HIPs into a farce. Its
consultation with stakeholders has
fallen seriously short of what we would
expect in a genuine consultation
exercise for something as important as
this for consumers. The government
explained that the delayed
implementation was due to a shortage of
energy inspectors - one of the many
defects about which the Law Society has
been warning the government for so long.
