Anxious Brits scrambling to get on property ladder as soon as possible
Fear of a housing bubble is driving a fair proportion of Brits to get on the housing ladder as soon as possible, it has been claimed.
A report from thisismoney.co.uk has suggested home buyers are wary that house prices could soon rise so high they will become unaffordable and therefore are rushing to invest in property as soon as possible.
It comes after new figures from Nationwide indicated that house prices rose in August.
Despite summer traditionally being a quiet period for house sales, the statistic implied that the average house price jumped up 0.6 per cent to £170,514 in August. This represents a 3.5 per cent year-on-year rise.
Of course, the jump represents good news for anyone with houses for sale in the North East or any other region of Britain positively affected by the trend.
Speaking to telegraph.co.uk, Nationwide's chief economist Robert Gardner claimed that Britain has had to up the pace of its house building in order to keep up with this demand for mortgages.
He said: "While there have been encouraging signs that house building is starting to recover, construction is still running well below what is likely to be required to keep up with demand. The risk is that if demand continues to run ahead of supply affordability may become stretched."