House Price Growth Varies Across the Country as Summer Nears
House prices across the country increased in January year on year by almost 5%, according to figures from the Office of National Statistics. The data suggests the housing market has pushed through the shocking aftermath of the Brexit vote and has maintained its ability to be resilient in challenging times. What is most surprising however, is how different each region appears when viewed under a microscope. Some regions have experienced great swings in house price growth as others have remained consistent. One thing has remained a constant and that is the shortage of properties which exists in every corner.
Property prices fell slightly from December to January and settled at an average of £225,621 to begin the year. First time buyers were held to a higher average price as year on year the price increased 4.6% to £189,859.
House prices have still risen to a point which is quite unaffordable for many, especially first timers attempting to get a foot on the first rung of the property ladder. The same cannot be said for the numbers of house owners who are still finding attractive remortgage deals.
Lenders are still offering remortgage deals with low interest rates. This is taking place although some major lenders have already started increasing their mortgage rates ahead of the increase in base rate which could happen as early as May of this year. The Bank of England has made several comments concerning the base rate and so far all fingers are pointing towards May for a hike.