Your Wednesday evening update from the Lancashire Post
View email online | | | | | | | | | Nov 17, 2021 | | | | | | | | | | | Nicola Adam | | Associate Editor |
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Good evening, I hope you are well. Many of us have experienced it, or we all know someone trying to find their place on the property ladder in what is currently a difficult market for buyers. The average house price nationally has hit a record high of £270,000 after surging by £28,000 over the past year, official figures show.
And the North West was the region with the highest annual house price growth, with average prices increasing by 16.8% - a hike that is certainly not reflected in many wage packets.
The price rises are a result of an unbalanced relationship between low stock and high demand.
The busy market favours buyers with deep pockets, or at least mortgages in principle agreed - though reality is much harsher with bidding wars breaking out and first time buyers losing out to investors.
Of course the North West is cheap compared to London, where house prices averaged an astonishing £507,000 in September.
This is little comfort though to many house buyers here in Lancashire who just want somewhere to call their own. Have a an enjoyable evening and regards, Nicola [email protected] | |
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