RICS Chief Economist, Simon Rubinsohn, comments on the announcement of the 2015 UK Budget. What effect will it have on the housing market?
Would-be first-time buyers have struggled to get a foot on the housing ladder as a result of stricter mortgage criteria, and renting has become the only realistic way of flying the nest for many people in their twenties and thirties.
National property prices are up 10% in the last year, and people dipping back into the market have a whole new set of property-buying priorities. According to a recent survey of more than 2,000 UK residents, commissioned by mobile analytics firm RootMetrics, having reliable mobile phone service at a new property is the #1 consideration – with a median score of 7.5 on a scale of one to 10 (one being the lowest considering, 10 the highest). This is followed by council tax band (6.8) and hospitals (6.4). Schools ranked the lowest on average, with a median score of 4.6.