IT IS no secret that all over the UK house prices are soaring. One in five homes have increased in value by more than the average salary in the last year alone. Herefordshire is no exception.

According to Zoopla, the average salary in Herefordshire is £27, 800 and the average property value is £280, 000. 23% of homes in Herefordshire have risen in value by more than the average salary in the past year - that’s 15,000 homes.

For those that are already homeowners this is great news as your home has gained value by simply existing.

North Herefordshire home-owners Mark and Sharon Young have built four houses in the last 23 years. This level of inflation is even more beneficial to them.

“If it costs £350,000 to build and is worth £900,000 when completed, you’re building in even more value by putting all the hard work in,” said Mark Young.

However, of course you need this money to begin with and for those looking to get on the property ladder this is perhaps unachievable.

Pre-pandemic, the prospect of buying a house seemed more manageable. However, for young people today these new prices seem unreachable. According to Finder, the average age of a first-time buyer in the UK is 34 years old. This is six years older than the average age in 2007.

Matt James is a 23-year-old from Hereford, he has worked ever since he left high school which led him to save money and buy a one bed flat in central Hereford in 2019. A time when it was easier to get a mortgage and a 10% deposit.

A one bed flat isn’t ridiculously expensive in Hereford, Mr James said, “But I was lucky to get it when I did.”

The Hereford 2030 Project: Economy Stream Initial Report said: “property prices in Herefordshire rank 24th out of 55 houses in England and Wales, making home ownership all but impossible for the majority of new entrants to the market.”

Mr James hopes to buy a house in the future but only under the right circumstances, he would be more likely to buy another one bed flat and rent that out due to his current circumstances, he said.

“I wouldn’t say it’s entirely the house prices that make it out of reach at the moment, although I do agree they’re steep, but it’s more not having the savings,” Matt said.

For young people who are still trying to climb their way onto the property ladder, each year that passes the possibility appears further away.