Statistics show that house prices across the UK are rising year on year. Although the figures vary by region, the average house price was £3,920 back in 1970 which has now increased over the years to £224,674 in 2018.
This is great news if you’re a homeowner looking to sell your property because you’re likely to be selling at a higher value than you paid for it. However, the rise in prices makes it more difficult for people to get onto the property ladder as a first time buyer.
Purchasing one of our new homes with the Government backed Help to Buy scheme may be a great solution if you are having difficulties saving enough money for a deposit. With Help to Buy, only a 5% deposit is required in order for you to purchase a newly-built modern property.
In light of the meteoric rise in house prices across the UK, we thought we’d apply the inflation we’re seeing in the housing sector to everyday items. The results were eye-opening, to say the least! Although the increase in house prices might not seem very surprising, and may even be expected, can you imagine buying a standard loaf of bread and being asked to pay £5.16 for it?
Here’s just how expensive some of the most common everyday items would be if their prices increased at the same rate as housing costs: