You are here: Home - Mortgages - First Time Buyer - News -

‘Steady as she goes’ for housing market with price growth unchanged

0
Written by:
14/08/2019
House price growth in the year to June was 0.9 per cent according to the latest house price index from the Office for National Statistics, unchanged from the month before.

As a result, the average property is now worth £230,000, up by £2,000 from this point last year.

On a regional basis, Wales saw the strongest growth over the 12 months at 4.4 per cent. This was followed by Northern Ireland (3.5 per cent), the East Midlands (3.2 per cent), the West Midlands (2.6 per cent) and the North West (2.4 per cent).

Three regions saw house prices fall over the year, with London values struggling the most. Prices dropped by -2.7 per cent in the 12 months, with the South East at -0.6 per cent and the South West with -0.2 per cent also seeing values drop.

Steady as she goes

Mark Harris, chief executive of advice firm SPF Private Clients, said it was “steady as she goes” for the housing market which was no mean feat given the combination of the summer slowdown and Brexit uncertainty.

He continued: “Mortgage approvals rose slightly in June. Lenders remain keen to lend with a number cutting rates or easing criteria in order to encourage business. Remortgaging is likely to be particularly busy this autumn with many borrowers coming to the end of deals and lenders ready to pick up that business with long-term fixes in particular.”

A change to the usual seasonal patterns

Sam Mitchell, chief executive officer of online estate agents Housesimple, said that a slowdown over the summer was no surprise, but suggested that the threat of a no-deal Brexit could mean “considerable changes” to the usual seasonal property patterns.

He continued: “The Halloween deadline is fast approaching and with that comes the fear and urgency of home movers to complete deals before we leave the EU. While the longer-term outlook remains uncertain, this is likely to stimulate a lot of buyers and sellers throughout the housing chain in the next three months – from first-time buyers all the way up to down sizers.” 

Wary of the commitment

Dilpreet Bhagrath, mortgage expert at online broker Trussle, described the market as “stagnant”, suggesting that the Brexit situation was making would-be buyers wary of committing to a move.

She added: “However, for those that can afford to get onto the housing ladder, more borrowers are thinking strategically of how best to protect themselves against the ongoing Brexit chaos by locking into decade-long fixed rate mortgages. And with some lenders offering longer term security products, this approach is possible.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • "The government needs to support the removal of non-ACM cladding from buildings that are under 18 metres as well,"… https://t.co/WW5ONNqBdH
  • RT @DASLegalUK: The nation has turned to online shopping, but what are our retail rights if we face issues with delivery, faulty items, ret…
  • The nation has turned to online shopping, but what are our retail rights if we face issues with delivery, faulty it… https://t.co/HOAf3COpYK

Read previous post:
Free e-textbooks for Barclays student customers

Barclays has announced a partnership with Campus Society to offer students with a Barclays Student Account access to thousands of...

Close