UK house prises continue to rise due to a shortage of family homes, the Halifax reports

UK house prises continue to rise due to a shortage of family homes, the Halifax reports Despite the worst recession since the second world war, the price of the average home in the UK has rocketed by £43,577 since the start of the first lockdown two years ago, the Halifax has said. The UK’s biggest mortgage lender said the 18.2% rise increased the cost of an average home to £282,753. Buyers seeking more space saw a 21% rise in the price of detached homes compared with a 11% rise in flat prices over the same period. Higher mortgage rates will start to reduce buyer affordability and the amount people can borrow, which may dampen prices. Increased living costs will inevitably affect how much first-time buyers can save, borrow and spend on a property. As we enter the traditional springtime buyer activity season, estate agents are already reporting continued demand and a shortage of larger family houses, which means sellers can obtained higher prices. Funeral plan provider goes bust – what do you now if you have a prepaid plan? Following the recent utility providers bankruptcies, another inflation-led disaster is brewing in the funeral industry. Safe Hands, a UK ‘prepaid funeral plan’ provider, has collapsed into administration, leaving thousands of customers worried about what to do now, plus many others concerned that other companies will follow suit amid soaring costs and inflation. Insurance vs Prepaid Funeral Plans Full article Other Financial News NI tax rises kick in, most employers and employees will pay an extra 1.25p in the pound, but lower paid will pay less due to recent threshold changes in Rishi Sunak’s budget. Economic winter The economy is in winter, but winters are tough but they never last forever. Like the farmer who prepares for the next season’s work, now is the time get ready and come out even stronger when the recession ends. To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home. To help you get through this and come out stronger at the other end I am offering subscribers a Free Wealth Discovery Accelerator Call. I will personally speak to you to help you accelerate your wealth building journey. Click HEREto schedule a call with me.