AVERAGE property prices will smash through the £300,000 mark by the end of the Summer, an expert predicts today.
Latest data show that prices hit a record £294,845 – as rates rose at the fastest level in 18 years.
Despite claims prices could be set to crash, Jonathan Rolande, from House Buy Fast, believes we will see them continue to rise through to the end of August.
Mr Rolande said: “By the end of next month I think average prices will have gone through the £300,000 ceiling. Although prices are beginning to flatten in some parts of the UK, there are still many regions, particularly outside of London, where prices continue to rise which is pushing up the national average.
“At the same time we are continuing to see an explosion in rental costs which means, for many, the idea of owning or renting their own home feels like a distant pipe dream.”
Mr Rolande, who also speaks on behalf of the National Association of Property Buyers, said it was vital the next Prime Minister put housing at the top of their list of priorities.
He added: “The UK is experiencing a major housing crisis. Whilst anyone who’s searched for somewhere to buy or rent recently will know this all too well, what’s less discussed is the broader impacts on society. It’s an unprecedented shift creating massive changes to the way we live, work and think about the future. Put simply, the UK’s housing crisis is one of the biggest challenges we face. Fewer and fewer people can afford high-quality accommodation that meets their needs. The UK is in the midst of unparalleled changes to its housing market, both in terms of home ownership and private rentals.
“Given the implications for people all over the country, it’s time to start talking about what can be done to truly fix it – once and for all. The UK’s growing housing crisis needs to become more than just a dinner party discussion about house prices.”
According to Halifax, house prices rose at their fastest rate for 18 years last month. Average property prices were up 1.8 per cent month-on-month, marking the biggest rise since 2007. But annually they have increased 13 per cent which is the highest growth rate since 2004. The biggest growth was in Northern Ireland with a 15 per cent rise, followed by Wales on 14.3 percent. In England, the South-west led the way on 14.2 percent with East Midlands on 12.6 per cent.