HomeNEWSLOCALThe Only Way is up – House prices on the up in Coventry March 4, 2014 LOCAL The Only Way is Up! – Article By Callum Corbett House Prices expected to keep on rising in the Coventry for the next five years says RilCS. With the expected rise of 5% for the next five years up to 2019 it is no t going to be any easy ride for first time buyers in the uk and especially Coventry. The rise has been put down to a number of reasons with one of them being the fact that not many house are for sale and because of that it makes the ones that are for sale ‘gems ‘ and’ property goldust ‘ Another strong reason for the rise is the fact that lenders have ‘softened there borrowing terms’ and they are willing to give home buyers lower deposits for mortgages than usual because of the fact that there his a higher demand for houses than there is actually properties for sale. On the rise: House prices on the up for the next years causing Problems for first time buyers across Coventry To find out how the potential rise In prices is affecting the general public in Coventry I spoke to a Couple and first time buyers Laura and Darren Walsh about the potential price rises and how it has and will change there plans in there quest to find there ‘dream house’ and they said that why they can understand the rise they believe it is an another advantage to homeowners, ‘’ As we are first time buyers we are in a sense stepping into the unknown and with the fact that prices are going to increase for the near future its only going to get tougher for us so hopefully the right house comes our way soon enough , money wise and quality wise.’’ The journey begins; First time buyers like the Walsh’s have had there quest for a family home challenged buy the housing price rise. Also with the fact that house prices will increase that has lead to predictions of fewer houses going on the market which will also lead to family’s like the Walsh’s with fairly modest income to face stiff competition when there ideal house comes on the market from not only other first time buyers but also homeowners who have financial backing from houses that they have sold previous and that is another concern the Walsh’s have when I spoke to them about the search for a new house as they fear being ‘’blown out of the water’’ when it comes to there first dip on the property market. However the fact that moneylenders and the banks are willing to be lenient to first time buyers when it comes to deposits on new houses gives hope and promise for family’s across Coventry and beyond. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Google+ (Opens in new window) Related Leave a Reply Cancel Reply Your email address will not be published.CommentName* Email* Website Notify me of follow-up comments by email. Notify me of new posts by email.