No Red Flags for UK housing market in June

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Information from the Mortgage Advice Bureau

Whilst some commentators had suggested that the UK housing market would see a slow-down in June due to the Election, now data from last month is available we’ve observed that in reality, the UK housing market remained solid with very little change on the previous month.

On a regional basis, topline data for the South West of England is as follows:

South West Average Statistics – June 2017 data

Purchase Mortgage

Remortgage

Average LTV %

68%

57%

Average loan size

£165,251

£155,324

Average age

38

43

Average income

£33,008

£34,198

Average property value

£239,953

£271,072

 Nigel Bull from Mortgage Advice Bureau in Bristol comments:

“Overall, June remained steady, despite the general Election, which didn’t seem to make a lot of difference to our clients one way or the other, and certainly didn’t seem to have a negative impact on the local market from our perspective.

The majority of clients in June were moving home or first-time buyers, with activity levels pretty steady on the previous month.  We also saw a consistent amount of enquiries from clients with regards remortgaging, with the current ultra-low 2 year fixed rate deals remaining popular.

In line with overall business remaining steady, property values locally continue to maintain their current levels with many deals last month being agreed at or around asking price, highlighting that buyer demand is still strong and the local market remains consistent.” 

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