- Houses prices were unchanged month on month in October
- Annual house price growth slowed to 4.6%, from 5.3% in September (Nationwide, 2016)
After fifteen consecutive monthly increases, UK house prices were unchanged in October. Measures of housing market remain fairly subdued, with the number of residential property transactions c10% below the levels recorded in the same period of 2015 in recent months. Why has this happened? We believe that weakness could be a reflection of impact that the introduction of stamp duty on second homes, introduced in April, has had. As a result, some buyers brought forward transactions to Q1 to avoid additional stamp duty liabilities. Policy changes impacting the Buy to Let market may also be playing a pivotal role in dampening activity. What’s next… Data suggests fairly stable demand conditions in the near term. (Nationwide, 2016) Mortgage approvals edged up modestly in September, though they remain weak by historic standards. It has also been reported that new buyer enquiries have increased modestly in recent months. Despite an uncertain economic outlook, solid labour market conditions and historically low borrowing costs should provide support to buyer confidence. Additionally, the low number of homes on the market and modest rates of housing construction are likely to keep the demand and supply balance fairly tight. For mortgage advice and to find the right solution for you, please email us or call +44 (0) 20 3858 0313.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
Max Adams Ltd is an Appointed Representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of buy to let, offshore mortgages, commercial loans or bridging loans. Your home may be repossessed if you do not keep up repayments on your mortgage. We do not charge a fee for residential mortgage advice. We charge an administrative fee for processing each of your mortgage contracts; our fees only apply when you decide to go ahead with an application. Standard residential and buy to let high street mortgages. The highest fee is up to £999, payable on application.
Private Bank and specialist mortgages The highest fee of 1% of the mortgage loan size applies of which £999 is payable on application with the balance payable on completion. Max Adams Ltd is a company registered in England and Wales with company number 7952988. Registered office: Brick House, 150a Station Road Woburn Sands, Milton Keynes, England, MK17 8SG. The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 1998. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.