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What's going on with UK housing prices?


rom working out if any of the government schemes are for you (help to buy, anyone?), to trying to figure out how on earth to start saving for a deposit, deciding that you want to buy a property can be an absolute minefield.

This month we’re running two property events covering everything you need to know, from property pitfalls to avoid, to getting your credit score where it needs to be. According to a Santander study, home ownership is the number #1 financial goal for Brits – so read on to get the low down on what’s currently happening with UK housing prices

UK housing prices are still on a pretty steep upwards trajectory

Nationwide recently reported that house prices have been going up since the start of 2022, with house price growth currently at 11.2%. While that means that buying property continues to be a great long-term investment, it also means that housing prices are currently still quite high, particularly in the capital.

The current average price of a property in the UK is £276,759, a record-high. The capital remains expensive, with Zoopla reporting the average cost of sold properties to be £705,783.

The rest of the year might look quite different...

The government’s extended Stamp Duty (tax imposed on property and land purchases) holiday last year is thought to have led to inflated house prices last year as people sped to try and close their sales, hence rising prices.

That looks set to change, as the Stamp Duty holiday has ended, and recent news has highlighted that the cost of living is set to go up, which means fewer people will be able to afford to buy this year and the price growth rate might fall.

The UK’s inflation rate (the rate at which prices of goods increase) is currently growing, and everyday goods like food are already starting to become more expensive. A hike in the cost of energy is also set to hit people’s pockets.

Okay, does that mean now is a bad time to buy?

Not necessarily! The increase in the cost of living means that if you haven’t finished saving for a deposit, it might take you more time to get there. As a general rule of thumb, now is a good time to revisit your budget, particularly as energy bill changes are likely to change your overall household spending.

That said, if you’re already ready to think about buying and have the amount that you need to put down for a deposit, 2022 could be a good year to make that happen as housing prices should be climbing a less than 2021. And even if you can’t afford to buy this year, it’s never too early to start saving. At YourJuno, we're here to help you make it happen.

I'm thinking about buying, but I'm not sure where to start!

If owning a property is one of your long-term financial goals, or if you think you’re ready to buy but feel lost, we’ve got two amazing events this month to help you navigate what can be a confusing process.

In our event with District34, we’ll be bringing you up to speed on the current state of real estate, and cover all the pitfalls that might get between you and your dream home. This event is one not to miss if you’re looking to buy!

Credit score not looking as healthy as it could be? Community member and financial coach Funmi Olufunwa is leading us for a session on the ins and outs of credit scores and reports, demystifying what can sometimes be a confusing part of personal finance, and debunking common myths.


Financial disclaimer:

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Please note that we do not provide any financial planning, accounting, investment advisory or tax advisory or planning advice. If you need financial advice please contact an independent financial advisor.

Juno’s content has been prepared exclusively for the informational and educational purposes of our users. Nothing on the Juno platform constitutes an offer to buy or sell or an inducement to buy or sell any security, product, service or investment. The content available on Juno does not constitute investment advice nor does Juno provide any warranty or guarantee as to the accuracy, completeness or suitability of the information provided for any particular individual purpose. As Juno is an education-only platform, it is not regulated by the Financial Conduct Authority nor is its content protected by the Financial Services Compensation Scheme.

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