House price increases slowing – how to get on the property ladder quicker

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Is buying a house becoming more affordable? We take a closer look and share how to get on the property ladder quicker.

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

4 September 2023

Struggling to get on the property ladder? Well, there’s good and bad news.

The good news is that property price increases have slowed and are now down from the peak of 2022. In fact, UK house sales are set for the slowest year since 2012. So, with average wages rising, it means housing has become more affordable.

However, houses are still less affordable than before the pandemic and building a deposit is still a big stretch for an awful lot of people. And higher mortgage rates mean even when you’ve built a deposit, there’s still a mountain to climb. But it’s not impossible.

House prices are up 0.1% in the last year on average, with Scotland seeing a 1.7% increase and London a 1% decrease. This is much lower than the 14.3% year on year rise we saw between July 2021