The latest figures from the Mortgage Advice Bureau show a steady start to the summer selling period
June appeared to be consistently busy in many regions, with members of the network observing a solid number of buyer enquiries, regardless of the distractions of certain major sporting events and a heatwave. In particular, Yorkshire, Scotland and the Midlands saw a very positive market, with motivated movers at all levels. However, continuing the theme of the fragmented market that we’ve seen for a few months now, other areas, such as London and the South East saw activity levels continue to tick over, but at nowhere near the levels seen in other parts of the UK.
Overall, house price growth is still positive, although the year-on-year increment is modest as was also reported by other major indices such as Nationwide and Halifax. Transaction volumes have also remained relatively steady over the last few months, as reported by HMRC, so whilst we’ve not seen a late ‘spring surge’ in terms of completions, one might suggest that the end of the first half of this year has seen the market perform to expectations and as such, remains in a positive position.
On a regional basis, topline data for the South West is as follows:
|South West Average Statistics – June 2018 data
|Average LTV %
|Average loan size
|Average property value
Nigel Bull from Mortgage Advice Bureau in Bristol comments:
“Whilst we thought that the lovely hot weather we’re having may have distracted buyers and sellers, June was consistently busy for us and carried on the momentum that we saw building in May. There were a number of motivated movers out there, and we assisted those who were looking to purchase at all price points, from First Time Buyers to the upper price points.”
“In terms of remortgages, we saw a lot of existing clients who wanted to arrange their next home loan either before they went on holiday, so that they could relax in the knowledge that it was sorted out before they went, or those who decided that they wanted to lock-in to their next rate sooner rather than later, in case the rates change in the next few months.”
“Price-wise, as there is still buyer demand out there, prices have held up reasonably well so far, although what we are seeing now is that the more realistically priced properties are those that are selling fastest. For those who want to move across the summer, there are more than enough people out there looking, but sellers would be advised to not be too ambitious about asking prices in order to secure a buyer within a reasonable amount of time.”
More information and full figures can be found at Mortgage Advice Bureau National Mortgage Index – July 2018