The country’s largest mortgage provider, Halifax says that house prices remain on the rise which is bad news for first time buyers.
According to the lender, the average house price is now £184,593 which represents an 8.6% rise in the last year alone. However, the good news for those trying to get on the first step of the property ladder is that the Halifax predicts the market will soon slow down due to increased interest rates and utility bills.
Halifax's chief economist Martin Ellis said "There have been indications of a weakening in activity at earlier stages of the house-buying process, suggesting that house price inflation may soon begin to slow.”