The House Price Index, June 2017, revealed that average house prices in the UK have increased by 4.9% in the year to June 2017 (down from 5.0% in the year to May 2017). The annual growth rate has slowed since mid-2016 but has remained broadly around 5% during 2017.
Owen Woodley, Managing Director of Post Office Money, said:
“A slower rate of house price growth will no doubt be welcomed by first-time buyers, many of whom are getting stuck saving for a deposit which is always out of reach. House prices remain high and Post Office Money research shows that first-time buyers are taking a flexible approach, widening their net and willing to travel to more affordable hotspots, to make their housing aspirations a reality. Solving the UK’s housing crisis will also require the industry to take a leaf out of the first-time buyers book, taking a more flexible and innovative approach in the services and products we provide to first-time buyers and home movers.”