This month’s Nationwide House Price Index shows that housing market activity continues to remain subdued, as house prices are unchanged month on month in October, and annual house price growth slowed to 4.6%, from 5.3% in September.
Alexander James Mortgage Services Managing Director, Nigel Glossop gives his opinion on this…
“The data released from the Nationwide isn’t surprising when you look at the factors at play; demand is steady, mortgage rates are low and housing supply is still restricted, either through lack of building or lack of vendors coming to the market. These factors combined create a degree of stability in the market.
Any year on year figures in terms of house price growth are going to be skewed due to the fact that the second half of 2015 saw an exceptionally busy market due to pent up demand following the General Election. Against that context, to see that annual house price growth was higher in October this year than the same period in 2015 would indicate that whilst volumes may be lower, the underlying market fundamentals at play are likely to ensure that modest rates of growth continue for the foreseeable future. With lenders increasingly downpricing their products and adopting more flexible lending criteria, we would expect this situation to continue in the run up to Christmas, and potentially beyond.”
If you’re thinking about moving house soon and would like to discuss your options with a professional mortgage broker, please get in touch with us today. You can arrange an appointment either face-to-face or over the phone to see how we can help you get your dream home.
Nigel Glossop is from Alexander James Mortgage Services – for further information call: 0333 6000 008
Email: enquiries@ajms.co.uk or visit: www.ajms.co.uk
Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1.5%, but a typical fee is 0.3% of the amount borrowed.
Correct at time of publication. The views and opinions expressed herein are those of the individual contributor and do not necessarily reflect those of the Chancellors Group of Estate Agents Ltd or its subsidiaries. References to legislation, best practice and other matters with legal implications such as fees, rules and processes are included for information and editorial purposes only and are not authoritative, nor should they be interpreted as advice. When in doubt you should only take advice from an industry professional or solicitor where appropriate. E&OE.
