Average UK house prices rose by 0.9 per cent in the 12 months to June, unchanged from May’s figure, according to the latest house price index from the Office for National Statistics and the Land Registry.
It is steady as she goes for the housing market, which is no mean feat given that it is the summer months when things traditionally go quieter and the backdrop of Brexit uncertainty. London is still creating a drag on average house price growth, with prices falling 2.7 per cent over the year to June. However, this was an improvement on the May fall of 3.1 per cent, suggesting price falls could be slowing and the market stabilising.
Mortgage approvals also rose slightly in June, which is an indicator of future transaction levels. While the market is subdued, lenders remain keen to lend with a number cutting rates or easing criteria in order to encourage business. Remortgaging is likely to be particularly busy this autumn with many borrowers coming to the end of deals and lenders ready to pick up that business with long-term fixes in particular.
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