House prices rise three months in a row
Latest figures show that UK house prices have risen three months in a row. According to Halifax, house prices have surged year on year which is the strongest growth since 2022*. Adam Nanson from Your Mortgage Expert comments:
“The last twelve months have been more tricky for the housing market with fairly static or declining house prices across the UK. So it’s great news that there seems to be signs that things are starting to pick up.
“Mortgage Rates have began to fall over the last few months. It makes sense that this will have kick started things and increased confidence from both buyers and sellers.
“The renewed optimism is great news for sellers and buyers alike. Figures from Zoopla show that people were holding off from making decisions due to high mortgage rates**. But now there is increased demand from new buyers and sales agreed are up by almost a quarter over the last four weeks.
“Meaning – if you want to sell your house, there will be more people looking to buy. And if you are buying a property, there will be more stock on the market.”
Is this bad news for first time buyers?
“With house prices rising, there’s always the threat that First Time Buyers could be priced out of the market. But it’s not all doom and gloom.
“With more houses coming on the market, there will be more choice available especially at the lower price point. Added to that, with mortgage rates coming down, there will be more mortgage options available.
“Indeed, according to Legal and General, the number of online searches for First Time Buyer was up by 9% in September***. Showing the increased interest and optimism from new home owners.
“We would urge First Time Buyers to act now if they have are ready to buy. As we don’t know whether house prices will continue to rise nor do we know whether mortgage rates will continue to fall.”
If you need any further advice, we would love to chat. Not only do we have access to the current deals on the market, some of which are not available on the high street directly. We also have extensive knowledge of all the current Government schemes designed to give you a helping hand.
By speaking to Your Mortgage Expert, you’ll get access to expert mortgage advice. We can help you work out how much you can afford to borrow, what your repayments would be and what type of mortgage is most suitable for your personal circumstances. And, if you need it, we can break down all the jargon so you understand whether to opt for a tracker mortgage, fixed rate mortgage or something more flexible.
We aren’t like other brokers. With over 100 five star reviews on Google and over 90 verified reviews on VouchedFor, we would love to work hard for you.
To speak to a member of the mortgage advice team about your mortgage ring Your Mortgage Expert now on 01722 322683. We are based in Salisbury but we can help you no matter where you live in the UK.
**Source: https://moneyage.co.uk/lower-mortgage-rates-driving-housing-market-activity.php
*** Source: https://theintermediary.co.uk/2024/10/first-time-buyer-searches-rise-by-over-9-in-september-legal-general