House prices reportedly rocketed in 2014, with the highest increases seen in London and the South East. According to data collected by Zoopla [1], the average property value in the South West increased by 7.2% in 2014.
So what does this mean for 2015?
Although we have only just welcomed in the New Year, it seems as though the trend of increased house prices may well be set to continue according to research conducted by the Office of National Statistics[2]. The worst likely to be affected are first time buyers, who may struggle to fund a larger deposit and secure a mortgage unless lenders relax their ending criteria to make the property ladder more accessible for first time buyers.
[1] http://www.zoopla.co.uk/[2] http://www.ons.gov.uk/ons/index.html
Ayisha Hussain – trainee solicitor