9 September 2019

House prices steady and lenders reduce pricing

The latest monthly house price index from the Halifax reveals that house prices rose by 0.3 per cent in August, with values 1.8 per cent higher than the same month last year.

Lack of supply, an issue which shows no sign of being resolved anytime soon, is supporting property prices, despite all the political and economic uncertainty. Affordability and employment also continue to be strong, while mortgage rates remain cheap, with lenders cutting rates even further this week as Swap rates continue to fall. Demand for fixed-rate mortgages remains strong with lenders including Santander, TSB, HSBC and Coventry reducing pricing.

Transactions remain fairly steady as those buyers and sellers who have to get on with things continue to do so. Deals are being done and early signs are that business could be brisk this autumn even as Westminster continues to squabble over Brexit.