The latest Land Registry data on sold prices shows they’ve increased by a hefty 10.9% in the last year alone.
This means that an average 15% deposit has climbed by a further £4,075 in just 12 months, bad news for first-time buyers, in particular. At the same time, the cost of renting has also increased by 8.7%, costing £1,078 per month versus £992 a year ago.
But it’s the recent escalation of the cost of living crisis that is adding the most strain to the ability to save.
Stipendium has found that in the last year, the energy bill price cap has climbed by 73%, with this cap now set at £1,971 per year compared to £1,138 - an annual increase of £833.
At the same time, fuel costs have climbed by 29% per litre for petrol and 36% per litre for diesel. Christina Melling, CEO of Stipendium, said: “If there’s one measure that really demonstrates just how much the cost of living is climbing, it’s the fact that both energy and fuel cost increases have eclipsed house price growth by quite some margin over the last year.
“Quite some feat given the housing market has been running red hot pretty much throughout the pandemic.”