Good news for anyone considering purchasing a home this year. According to the latest reports, the average house price in the UK has now fallen for three months running.
UK house prices rose sharply in March, likely due in part to a glut of investors making property purchases ahead of the new stamp duty tax rules that came into force this month.
As uncertainty over the future of the UK’s relationship with the European Union remains, it appears that its business as usual for the housing market. With over a month since the historic vote, a number of surveys containing data covering activity in July have been published, with the Nationwide house price index among them.
UK high street lenders Halifax and Nationwide have raised their mortgage application age limits. Reflecting the changes to the UK’s population which is aging and also the level of equity many older home-owners have in their property - built up during decades of rising house prices - the increase doesn’t mean older home-owners will be saddled with debt they cannot repay, the lenders warned.
The latest house price reports show that annual house price growth is slowing as buyers are less willing to pay peak prices for property amid ongoing uncertainty. Lenders Nationwide and Halifax both calculate the rate of house price growth slowed in October this year when compared with a year earlier, to around the 5% mark.
UK house price growth slowed on an annual basis in September compared with August, as demand for property has shown signs of slowing, a monthly survey from high street lender Nationwide said.
According to a new academic report, the reason UK house prices have risen to such heady levels, is more due to speculation and financial opportunity and not because of a lack of building. The findings from research carried out by Lancaster University and recently presented to the Royal Economic Society, may come as a surprise to some.
UK house prices showed surprising resilience in August, rising 0.6% from July and by 5.6% from a year earlier, according to lender Nationwide’s latest index. In July house prices rose by 0.5% on the month and by 5.2% in year-on-year terms.
UK house prices rose again in June, according to two well-known house price indices. The main reason behind the price rise, regardless of how small it was, is that demand for property is rising but the flow of homes being put up for sale remains sluggish.
UK house prices fell on the month in August and according to data from high street lender Nationwide, that monthly decline was the biggest in six years. The monthly survey also suggests that further monthly house price drops are likely during the remainder of 2018.
July house price data has now been published by a number of closely followed lenders and housing professionals, and the results aren’t great.
April proved a tough month for the UK’s housing market, with three prominent surveys all reporting similar findings. And, if that wasn’t enough, they were all equally gloomy about the coming months too.