The housing market now appears to be the most stable it has been in 10 years. The average asking price for homes in April reached a record high, while the amount of agreed sales also peaked at their highest since 2007. Data from Rightmove shows that the average property price in April grew to £313,655, which is a monthly rise of 1.1%.
This would suggest that confidence in the housing market has increased, with buyers feeling more comfortable about investing in their homes.
It could also be suggested that the housing market appears more stable because of an increase in the supply of homes, which comes as a result of the government’s promise to build 200,000 homes a year until 2020.
A recent Housing White Paper also sets out proposals for helping more people purchase homes. One way the government aims to achieve this is through their Help to Buy schemes, which have been used by over 1 million people looking at buying a new home. Figures from the government show that over 868,000 Help to Buy ISAs have now been opened, and other Help to Buy schemes have been used by 259,000 people in order to buy a home.