Mortgage advisor and director of AFP Shrewsbury, Gary Harper was invited as a guest speaker to BBC Radio Shropshire. Gary discusses how the issues around the rise in the cost of living have impacted house prices and mortgages, and the effect this has had on the market, from 1st-time buyers to those already locked into a mortgage.
According to the lender Nationwide, this January saw the fastest annual rise in the price of housing in 17 years, where house prices have risen 11.2% year on year. During the interview Gary addressed how this is making it tough for first time buyers to raise deposits and get onto the housing ladder, and what sort of support structures are in place to try and bridge this gap. Other topics talked through include:
- whether the rise in property price has made a difference to those already locked into a mortgage, and how they may have been impacted by changing interest rates
- how often people should look to re-mortgage and the best way to go about doing this to get the most competitive rates
- whether different types of properties are rising at different rates, for example, country properties versus city properties
- and the general state of the current property market.