According to Rightmove, the average asking price for a property now sits at a record level, £286,133. This benchmark is not just a figure, but a statement of how much needs to be re-evaluated within the UK housing market. This issue stands at the forefront of the platforms which candidates are now standing upon prior to the pivotal upcoming election.

Nowhere else have property prices increased since the election of 2010 more than in the capital city of London, where an increase of almost 50% can be found around each and every corner. This only places a brighter spotlight on the issue of a shortage of housing which exists in most areas of Britain.  

First time buyers are finding it especially hard to navigate their way onto the first rung of the property ladder. Income levels of the group do not support the high deposit amount it takes to purchase that first property. The increase in housing prices not only makes it challenging for first timers, but puts a discouraging taste in the mouths of many who are looking to purchase property at any age.

To contend with the lasting problem within the housing market, election candidates are presenting separate solutions. The Conservatives are claiming to place an extension on the right to buy scheme, whilst the Labour Party are promising to put more emphasis on building more homes to help with the growing shortage of available properties.

Miles Shipside of Rightmove, commented on the issue with high property prices, saying: “Record high housing demand and an under-supply of homes have delivered a new all-time high in the price of property coming to market in the month before the election.”