House prices stable in 2005
House prices were changed very little through 2005 but mortgage levels rose, according to Moneyextra. The average mortgage value completed by customers in December 2005 was £143,643.48, up 14.74% on the same figure 12 months earlier.
The increase in mortgage values occurred against a background of broadly static house prices. The average property value being searched on Moneyextra in December was £207,850, up just 1.25% on year ago levels. However, that figure conceals wide variations in performance across the market.
Property values being searched against by first time buyers rose by 8.59% to £165,779 but property values being searched by those people looking to move actually fell back over the course of the year by more than £4,000 to £244,771.
The average mortgage being sought in December on Moneyextra’s website was £127,380 down 0.45% on the month. The values of mortgages being sought by movers and remortgagers fell while the value being sought by first time buyers rose 2.06% on the month to £135,116.