Official figures have measured new record highs (I know, it is hard to believe we are hearing this again...) for average house prices in the UK, with growth of 6.1% over the past year. The Office for National Statistics (ONS) measured a jump of £1,000 in the typical cost of a property between August and September. It left the average price at a new peak of £286,000.
This may be "good news" for the property industry, but it's not so great for home buyers, especially first-time buyers who traditionally drive the market.
It's not all doom and gloom, however, as the ONS said starter home costs were rising at a slower rate on average than those across the wider market - with a first-time buyer paying 4.3% more than they did a year ago at £216,000. Still, it sounds a ridiculously high sum when I consider my parents bought their first house in 1982 - a 3-bedroomed detached number for just £17,950.
Despite the ONS attempting to sugar the pill for first-time buyers, they continue to be priced out of the market, particularly in London, where the average house price is just shy of £500,000, according to mylocalmortgage.
The ONS has also recently revealed that homes in England and Wales cost, on average, an eye-watering 8.8 times the typical local salary, and even up to 20 times the local salary for popular areas and some London boroughs.
So the question is, where can you afford to buy? Well, mylocalmortgage has done a bit of research and not only have they provided average property prices per region, they have also compiled a life satisfaction rating for those areas. Which is jolly interesting, if not useful, stuff, especially if you are relocating to a new area. Enjoy.