Is Essex In A House Price Bubble?
House prices in Essex are rising at an alarming rate, according to a recent survey by Nationwide. House prices have increased by 25% over the last decade and are continuing to rise. Residents and those looking to move into the area see this is as a positive sign for the Essex housing market, but it could mark the beginning of another housing bubble.
Vince Cable has warned that house prices are making home-ownership unaffordable. He has criticised the government’s Help to Buy scheme, warning that it will drive house prices up even further. While rising house prices are a good thing for mortgage-free homeowners, they are very bad for middle income families and first time buyers who are unable to afford the properties they want to live in. This will in turn cause problems for those looking to sell their Essex properties, as the unaffordability will eventually price buyers out of the market completely. The only way to avoid a housing crisis is to build more homes and increase the supply, so that it can meet the ever growing demand for property in Essex. This should keep house prices from rising and make the housing market much more stable.
Market analysts are predicting that if no action is taken to prevent the alarming rate that house prices are rising it could eventually burst the Essex property bubble and cause another dramatic crash in house prices. This will leave a lot of Essex homeowners in negative equity and out of pocket.
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