The average price of a property in the UK now stands at £186,270, 9.7% higher than a year ago, according to the latest Halifax house price index.
However, house price momentum has slowed since July when it saw a 10.2% year-on-year jump.Halifax said there were “tentative signs” that a better balance between demand and supply might be emerging which, if sustained, would help to dampen the pace of price growth.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “The combination of more property coming up for sale and the prospect of an interest rate rise at some point in the future is applying the brakes to the runaway market. However, with a number of lenders reducing their two- and five-year fixed-rate mortgages in the past couple of weeks there are still some excellent deals available for buyers who are concerned about rate rises and want to lock in. Assuming you can meet stricter lending criteria, it could be a great opportunity.”
Guy Meacock of buying agency Prime Purchase, said: “On balance the next few months will be the time to buy a home rather than sell. Vendors who want to exchange by Christmas are coming to market at an unfashionable time of year and may need to be more flexible on the price if they want to meet that deadline. Prices are already softening so there are good opportunities for buyers.”
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