House Prices Decline and Bring Opportunities for Hopeful Home Buyers
As house prices declined in the UK, the area which has seen the strongest and largest climbs to record levels over the past years recorded the fastest decline in March. London house prices are down 1.6% in a year on year comparison. This news will be welcomed by those keen on joining the property ladder that had previously been shut out of the market. The house prices are still much higher than other areas of the UK, but any decline will likely be attractive to buyers and it could spur a bit of a buying boost before summer.
The average price of a UK home fell 1.5% in March to £471,742, pulling the year on year rate of increase to 1.5%. This is the slowest rate of growth since 2012 according to the Land Registry data.
The largest year on year declines in house prices were in the City of London, Tower Hamlets and Islington.
Experts are playing it cautiously in forecasting what the housing market will be doing throughout the coming summer season. Though consumers appear to be cautious, there are many opportunities appearing for those that have endured long years of low interest rate mortgage offers, but house prices out of their reach. Now, as house prices decline and come into line with many hopeful home buyers’ budgets, they may push any fears of Brexit aside and take advantage of low interest rates while they exist.
Homeowners are also expected to turn up for remortgages as lenders keep interest rates attractive.