Smooth sailing in July for UK housing market

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Mortgage Advice Bureau - National Mortgage Index August 2017

The UK housing market remained stable in July, with very little change on the previous month as transaction levels and values remained reasonably constant.­­ This was borne out by key indicators from the July data, including:

  • Average purchase price remained broadly unchanged, with an average increase of £73 month on month
  • Marginal change in the average remortgage loan with less than a 0.5% increase month on month
  • Average First Time Buyer property purchase price decreased slightly (0.3%) month on month

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

South West Average Statistics – July 2017 data

Purchase Mortgage

Remortgage

Average LTV %

71%

55%

Average loan size

£165,977

£162,354

Average age

37

42

Average income

£32,058

£34,573

Average property value

£235,146

£293,058

Nigel Bull from Mortgage Advice Bureau in Bristol comments:

“Although July saw the start of the holiday season, we were busy with First Time Buyers and remortgages, as well as a healthy number of home movers taking advantage of the school holidays to move into their new abode.

We’ve seen lower number of landlords purchasing over the last month, although many are re-gearing their portfolios and taking advantage to lower Buy To Let remortgage rates available.  However, as fewer investors are buying, this has led to a rise in available properties which are suitable for First Time Buyers, and we’ve seen a definite increase in July of those taking their first steps on the property ladder. 

In terms of local property values, everything seems to be remaining pretty calm as sellers are coming to market with realistic expectations, and there is still strong buyer demand out there, meaning that the market remains nice and steady.” 

Mortgage Advice Bureau - National Mortgage Index August 2017 

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