House prices continue to increase - house prices from 2013 May has increased by 11.1% compared to 2014 May. According to Nationwide, a home price on average is £186,512. Also it is expected that demand for homes is likely to stay strong as the labour market condition is improving and mortgage rates are low.
House purchase activity is mostly driven by first-time buyers that take around 48%. Most of the first-time buyers are over 30 years old - it is expected that the phenomenon will not change soon as younger people still face problems with employment opportunities also student debts makes it unlikely to see increasing numbers of first-time buyers under 30.
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