Many facing difficulties getting a start on the property ladder

Home ownership has long been a life expectation for most in our country. But recent steep interest rates by the Bank of England have made that first step on the property ladder much more difficult. And for those choosing to rent a shortage of availability persists. 

A senior figure at the Bank of England (BoE) has said further interest rate rises might be needed to tackle stubborn inflationary pressures.

The average house price in the North West is £211,800. House prices in the North West have increased by 5.2% over the last year, fallen by 1.3% over the last month and increased by 28.5% since COVID and by 23.7% since the EU Brexit Referendum.

The combination of population growth, including immigration, and changing demographics, such as an aging population and a rise in single-person households, has resulted in an increasing demand for housing. Unfortunately, the current supply falls short, as there are limited affordable options and high prices, thereby exacerbating the housing crisis. It is widely recognised that addressing this demand is of paramount importance in promoting social well-being, ensuring affordability, and fostering sustainable development.