London Sees House Price Growth and Rental Costs Decline
UK housing market house prices have been increasing at a stellar pace over the past decade, even longer. House prices across the country have been on a trajectory not seen in many years over that time. Prices easily outpaced the growth of household incomes, although wages did increase over the period. The capital city of London experienced a massive amount of house price growth during the last ten years making house affordability a challenge for many thinking of moving there. Now, the city is seeing decline in house price growth not experienced since the economic crisis.
House prices are not the only area of the housing market which is slowing. Rental costs are falling as well. According to the Office of National Statistics, rental costs are falling at a pace not seen in eight years.
Outside the city of London, data from the ONS revealed house prices falling fastest South and East of England. London however is seeing the fastest rate of growth in house prices at 0.7% over the past twelve months to June.
Remortgage in contrast, is still moving forward at a strong pace. House owners are finding attractive deals from top lenders. They are finding savings and many are seeing savings of more than £40 per month. This totals savings then of almost £500 per year.
Housing experts are urging house owners to remain determined regarding remortgage and the right deal for the situation will surface. Competition among lenders is keen and deals with unique incentives are popping up at every turn.