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Aldermore comments on latest ONS House Price Index

POSTED: 21st March 2017
IN: Newsroom
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Charles McDowell, Commercial Director, Mortgages from Aldermore Bank comments: “The latest index released today by the ONS reveal that UK house prices grew by 6.2% from January 2016 to January 2017, highlighting that house prices continue to outstrip wage increases. This is further supported by data released from the ONS last week which revealed that the affordability ratio has more than doubled since 1997, indicating that people could expect to pay 7.72 times their annual earnings to buy a home last year.

“It is clear that demand continues to outmatch supply, and these figures show the struggle that those raising a deposit for their first home are likely to continue in 2017. First time buyers are hit the hardest by increasing house prices – the latest First Time Buyer Index from Aldermore found 94% of first time buyers think that getting on the property ladder is hard and almost half (46%) believe that the issue of rising house prices should be addressed. As first time buyers are the driving force of the property market, more needs to be done to tackle the supply issue to ensure they have the best opportunity to get on the housing ladder.”

*Ends*

For further information, journalists can contact:

Rachael Snelling, Aldermore
Phone:          0208 1853 102
Email:           Rachael.Snelling@aldermore.co.uk

Rozie Green, Lansons
Phone:          0207 566 9724
Email:            rozieg@lansons.com

Notes to Editors:

For further information about Aldermore, please review our  Notes to Editors page

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