Archive: Brexit vote hasn’t stopped house price rises
Latest figures from the Nationwide House Price Index have found that the average price of a property has increased by 0.6%. This means that in August 2016, the average house price was £206,145. This was reported on the What Mortgage Website in August 2016*.
Although house prices have increased following the Brexit vote in June 2016, the report also showed that mortgage approvals have progressively slowed since April 2016 when the changes to Stamp Duty for those with second homes were brought in.
What this means for home owners and home buyers?
Adam Nanson, Independent Mortgage Adviser at Your Mortgage Expert comments:
“There has been some uncertainty around the economy since the Brexit decision, so it’s positive news that house prices have continued to climb. Added to this, the Bank of England have recently made the decision to lower interest rates, which is hoped will add a further boost to the housing market.
“The Nationwide report also suggests that part of the reason that house prices are remaining high is due to a shortage of available properties. This is good news for those selling their homes as people are seemingly willing to pay above the odds to secure a property when choice is restricted. But the downside, is that those buying a new home may have less options available to them.”
How Your Mortgage Expert can help
Adam Nanson continues:
“If you’re looking to purchase a property in an area where there are high premiums and high demand it is more vital than ever that home movers and home buyers understand their budget prior to commencing their house hunt. This will help them look at appropriate properties that reflect their affordability.
“A Mortgage Broker such as Your Mortgage Expert, will review your circumstances and give you the most appropriate mortgage rate advice for your affordability. They will also help you secure an agreement in principle which is a useful thing to have prior to commencing negotiations.
“Your Mortgage Expert is independent which means we know all the current deals and can make the most suitable recommendation for you based on your circumstances. Some of the deals may only be available through independent advisers.”
To speak to Adam Nanson about your next mortgage, ring him now on 01722 322683 or complete a contact us form and let him know when he can call you back.
We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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