According to high street lender
A cooling off on the rise of house prices in September adds to post-Brexit concerns for a dip in the market. Nevertheless though, prices are still rising, just at a slower rate than in August. If you are selling your property, it pays to keep an eye on market trends.
This article does not constitute advice.
Professional advice should be taken prior to acting on any part of it.
Your property may be at risk should you be unable to maintain any agreed mortgage payments over the term agreed.
A slower September
Property prices were reported to have risen 5.3 percent in September, compared to one year prior, according to lenders, Nationwide. In August, the increase was 5.6 percent, showing a slower month as we head into autumn.
The figures are broadly in line with predictions from Reuters though, and other economists over the past couple of months.
However, despite a slow down on the property side, confidence across the board does remain stable following the Brexit result, and market research firm, GfK, reported an increase in consumer confidence in September, back to a similar level of earlier this year.
A shortage of homes available
There remains a shortage of homes for sale, which has left demand high. This has therefore enabled property owners to continue asking for higher prices on their homes when selling.
This slow-down could be due to demand weakening.
“The modest slowing of growth in house prices was probably due to a shortage of homes for sale which cushioned the impact of weaker demand”. Robert Gardner, Nationwide economist
The introduction of the higher tax for landlords also affected the housing market and is unrelated to Brexit, yet happening simultaneously. Events like this make it difficult for economists to determine the exact nature of trends.
It appears though that coupled with the latest Bank of England summaries, that stated mortgage approvals were the lowest in September for over 18 months, the housing market is still in murky waters.
Advice should be taken by professionals that have access to the best options for you, whether that is relating to your property, your home mortgage or your investments.
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If you are buying or selling your home or an investment property, contact Chris for advice on your best next steps.
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