Halifax. the UK’s leading mortgage lender, announced in early February that house prices have risen significantly across the country since the start of the year. While there were regional variations in the figures, the South West and Gloucester were among those areas recording healthy growth.
Rising prices, of course, are not good news for everyone, with many potential house buyers hoping for signs that the market is starting to cool. There are numerous government projects designed to increase the supply of houses, calm price rises and help people to buy homes, but how will these affect the market in Gloucester?
Buy-to-let controversy
Since the election, the government has announced a raft of measures relating to housing. Of these, the most contentious is the proposal to increase stamp duty on buy-to-let property sales to 3%. Intended to cool the market, many feel that the tax hike will have the opposite effect − a theory borne out somewhat by the fact that much of the market activity in the early part of this year has been driven by the buy-to-let sector.
Other government measures
Other government interventions include the introduction of a Help-To-Buy ISA, the extension of the Help-To-Buy scheme, and an ambitious programme for building affordable homes. While these will clearly have an impact over the long term, it is unlikely that they will make much of a dent in prices in the coming year. Against this backdrop, it is hardly surprising that first-time buyers in Gloucester are discouraged about their prospects of getting a foothold on the property ladder.
Rental market
With affordable homes in short supply, many families are looking for houses to rent in Gloucester. They will find it a vibrant market, with many new properties being advertised on a daily basis. That said, finding the right rental can be an overwhelming process and many decisions need to be made on price, location and the number of rooms required. Fortunately, services such as http://www.tgres.co.uk/to-rent/ can help you to find exactly what you are looking for.
Housing is very much at the centre of the national debate and action is finally being taken to increase supply. Hopefully families will soon find what they want, whether this is by buying or renting their home.