Britain has enjoyed a number of property booms over the past 20 years. And despite the fact that property prices have also tumbled on a number of occasions, the average house price has risen significantly.
According to the Nationwide House Price Index, the average UK house price went up from £54,008 at the end of Q3 1996 to £206,346 at the end of Q3 2016 – a whopping 282 per cent increase.
Unfortunately, rising house prices has meant that it has become harder for first-time buyers to get a foot onto the property ladder. Using the average house price as a guide, even if a mortgage has a 95 per cent loan-to-value, buyers would still need to find a deposit of over £10,000. Add in solicitor and estate agent fees and the initial layout can seem daunting.
What are your memories of London 2012? For many of the athletes who weren’t good enough or lucky enough to win medals, it could be the time they spent living shoulder-to-shoulder with their fellow competitors in the Olympic village close to the stadium in Stratford. Yet some new homebuyers can now walk up the same steps, use the same bathrooms and look out over the same balconies as 2012’s heroes.