North Derbyshire experts fear booming property market is driving prices out of first-time buyers’ reach
The latest Nationwide house price index shows annual house price growth has risen to 10.9 per cent, the highest level in nearly seven years, with prices up 1.8 per cent in May alone.
It says the new record average price for a home is £242,932, up £23,930 in a year – the latest UK house price index, for March, found the average price in Chesterfield borough was £170,221, up 7.1 per cent in 12 months.
Demand has been boosted by the stamp-duty holiday, introduced by Chancellor Rishi Sunak to support the property market during the coronavirus pandemic – and two Derbyshire mortgage experts believe that demand, which is driving up prices, is here to stay.
Paul Neal, an independent mortgage broker at Missing Element Mortgage Services, Belper, said: “Demand is off the scale and the inevitable upward pressure on prices is making it difficult for first-time buyers to get on the ladder.”
Rhys Schofield, managing director at Belper’s Peak Mortgages and Protection, said: “The relentless March of the property market continued in May, with desperate buyers falling over each other …
More on: www.derbyshiretimes.co.uk