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UK property market – where are we now?

Facts, figures and supposition are coming thick and fast at the moment so where does the UK property market stand at the moment?

In July alone the following statements have been released:

  • Average house prices rose by 0.5% in July (Nationwide 28 July)
  • Householders across the UK perceive that the value of their home slipped in July (House Price Sentiment Index – surveyed between 14-18 July)
  • Lowest level of new buyer enquiries since 2008 in June (RICS 14 July)
  • Number of first time buyers increasing year on year (Council of Mortgage Lenders 13 July)

Confusing to say the least!

One definite piece of good news for mortgage holders is that interest rates remain very low. There are even suggestions that the Bank of England may cut them again and possibly introduce negative interest rates – and that could mean even better deals becoming available.

With the cost of rented accommodation continuing to rise (up 2.4% in the year to June 2016 – ONS), buying may even become a more affordable option than renting in those areas of the country where house prices aren’t sky high.