Housing prices in the UK may be experiencing its slowest growth in approximately four years according to new data. Along with this however, are record-low mortgage rates, as evidenced in the latest Halifax report. In addition, the UK continues to experience a shortage of housing. This, along with low mortgage rates, actually help to maintain property prices for sellers. However, at the same time, inflation of housing prices is making it more difficult for buyers in this market as housing prices continue to grow faster than the average worker´s income. Despite this, experts still say that overall, housing prices are low enough to be purchased, and along with the low mortgage rates, the housing market will continue to be supported for months to come.
Key Takeaways:
- UK house cost may development may have eased back to a four year low in March, however signs are that costs will keep on increasing.
- The most recent Halifax house cost file demonstrates that property cost expansion in March was 3.8% year-on-year, down from 5.1% the earlier month.
- Be that as it may, while property value development has impeded, record-low home loan rates and a perpetual lack of homes will more likely than not proceed to “bolster property costs” pushing ahead.
“This is good news for borrowers and those remortgaging as we head into what is usually the busiest time of the year for the housing market.”