Those seeking to become homeowners in the near future were dealt another damaging blow this week as ONS reported house prices had increased in the previous month. The Office for National Statistics data indicate a 5% rise in house prices occurred in the month of August. The increase pushed the average house price up to £226,000. Property in the north-west of England experienced the biggest increase in house prices, rising more than 6%.

Rising inflation has taken its toll on would be home buyers. Young people looking to become first time home owners and those moving home alike are facing a number of challenges to purchasing homes.

Inflation of prices on items required for everyday living combined with struggling growth of wages makes it more and more difficult for those in the market to purchase property. Not only are they facing an uphill challenge, but they are also pressed to find suitable property at times due to a shortage of available homes for sale.

The Bank of England has made numerous hints at increasing the country’s base rate which will affect those looking to purchase property even more. Many are finding themselves being squeezed out of the market altogether. Many are also finding themselves in search of rental property instead of a place to purchase.

Housing experts see the potential hike in interest rates as yet another strike against them in the search for suitable housing. Interest rates increasing combined with the uncertainty still surrounding Brexit is leaving many potential buyers scratching their collective heads.