House prices have been on the rise for many years, but in the last six months alone, the cost of buying a home has soared across the UK. According to Rightmove, the average price of a property coming onto the market in July was £369,968, which is the sixth consecutive record high.
It is no secret that although house prices are climbing in Greater Manchester, London has always been and continues to be one of the most expensive places to live in the UK. Regardless of the borough or area where you buy, homes in the capital are constantly going up in value.
One woman who bought a property in the town of Walthamstow in London around 30 years ago now says that her home is worth a whopping six figure sum. Wendy, 70, initially bought her home for her and her daughter for £70,000 but it has gone up by a huge amount since then.
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Wendy told MyLondon : "I found out I was pregnant when I was living in another flat with a man so he bought my flat and I wanted to buy another house. I was living in Walthamstow off Blackhorse Road before so I then I wanted a place big enough for me and my baby."
Wendy got her property valued nine months ago and was told that her house is now worth around £650,000. She believes most houses on the road are worth around £750,000 to £800,000 because they've done a lot more work.
Like most young people, the property owner's son is renting near London but she has plans that her son will one day inherit her home. There is no denying that the cost of living and increase in house prices is crushing the dreams of some young people hoping to buy a property in London.
However, some, like Ben Selby, have managed to get on the housing market and are seeing the value of their homes quickly rising. The tech worker, 33, moved to Walthamstow in 2021 to be closer to his wife's family.
"We brought the property for £750,000 and we’re now close to [it being worth] £900,000," he said. "We’ve done a loft [conversion] and kitchen [makeover] but house prices are mad at the moment. I’m glad we bought when we did and I was worried we overpaid.
"I don’t see how young people will buy houses unless through some form of wealth or unless they make £200,000 a year."
It seems near to impossible for people to get on the property ladder in the current climate and many are blaming the government. "It’s tough for young people to get on the housing market and it has been [for] 20 years due to lack of social housing," said local resident Rosemary.
"I live in Browns Road and I came about five years ago but we always lived in Walthamstow. I guess the property [value] has definitely gone up. Right now it’s difficult to buy property with high interest rates so people are strapped for cash."
Local estate agent Ali spoke to MyLondon to explain what he thinks is causing the drive to buy in the town.
"Walthamstow has a lot of amenities to offer such as the links to Central London from the Victoria line," he said. "They are doing developments in the area and more people trying to move in here.
"There's also a lot more demand because when you have more buyers you have sellers. It's a question of who wants it most and people are willing to throw a ridiculous amount of money.
"Since Covid-19 to about April this year, there was a big boom due to stamp duty so everyone was essentially buying. This has increased value of property all around London and prices have gone up drastically."
Sohail, another agent, said he moved out of London to live in Essex as he gets more for his money: "Fuel costs have [become] extortionate and income and wages are not keeping up with that. This will have a knock-on effect on people especially on first-time buyers as it will affect their income so they won't be able to get on the property ladder."
If you have been affected by rising house prices in Greater Manchester, let us know by emailing phoebe.jobling@reachplc.com.
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