Falbros mortgage chief Alex Ewen believes homeowners worried about the prospect of going into negative equity will have been delighted to see a second month of house price growth
Prices went up by 4.9% in the year to June 2017 – up from 4.7% the previous month, the Office of National Statistics (ONS) house price index found.
The annual growth rate has been around 5% for much of 2017. And Mr Alex Ewen, head of mortgages at Falbros says it is good news for homeowners who might have concerns of falling behind with equity.
He said: "They will be happy to see a second consecutive month of house price growth. Hopeful first-time buyers looking to get onto the property ladder will naturally be less enthusiastic.
"Despite interest rates remaining at rock bottom, younger buyers still face the gruelling prospect of having to raise a deposit of around £30,000 which is higher than the average salary.
“The surest way to boost homeownership among the younger generation is to build more homes, but aspiring homeowners could be waiting a while for that supply to arrive. In the meantime, the best bet is to make the most of government schemes like Help to Buy and Starter Homes, while shared ownership could also help realise the homeownership dream for those struggling to find a way in.”