In my view, it certainly does, as today’s average house price in the UK is £286,000
Looking at how values have increased in the UK over the last 20 years, delaying comes at a considerable cost.
If you delayed a buying decision 20 years ago and have never bought, this has cost you, on average, £161,000 in equity. This is based on the average house price in the UK in 2003 being at £124,836 (information supplied by DATA.Gov.UK)
That’s £8058.20 per Year.
£671.52 per month
£95.93p per week
£13.70p per day
If you’d done the same ten years ago, this would have cost you, on average, £110,174 in equity. This is based on the average house price in the UK in 2013 being £175,826.
That’s £11,017 Per Year.
£918.12p per month
£211.86p per week
£30.26p Per Day
If you’d done the same five years ago, this would have cost, you, on average, £59,649, as the average UK house price was £226,351 in 2018.
That’s £4970.75p per Year.
£414.23p per month
£95.59 per week
£13.65 per day
Hopefully, this puts into perspective the cost of delaying your purchase. If you live in the Southeast or Brighton & Hove, these figures will be far higher as the average house price here is higher than the average for the UK. The UK market and medium and long-term values will only go one way – UP.
If you put off buying today, it will cost you more tomorrow.
