Home Buyers Expected to Stay Focused on Housing Market
The recently released UK House Price Index from the Land Registry revealed that the UK house prices grew by 0.7% in the year to July. This is down from the reported 1.4% growth for June. It is the lowest annual growth rate reported for the UK housing market since September 2012 which at that time recorded an increase of only 0.4%.
The lowest annual level recorded was in the North East with a decline of 2.9% over the year to July. The strongest growth was in Wales with increases by 4.2% in the year to July.
Hopeful home buyers are expected to stay focused on the housing market. There are many opportunities to be found with low interest rates offered by lenders. Some lenders are offering historic low rates. There are also long fixed rate deals with levels at lengths not seen in a very long time such as 10, 20, and 30 years.
Asking prices have been reported as declining as well. This will offer opportunities for a chance to get onto the property ladder at a more affordable cost.
Stamp duty costs are expected to be revised at the start of October. Again, it could offer a more affordable opportunity to purchase a home.
Such factors at play for home buyers will help keep the housing market in play and perhaps it will experience a bit of a boost with the Brexit deadline drawing nearer on 31 October. First time buyers are expected to continue to show strong demand for housing as they put off the caution of Brexit and take advantage of the opportunities to become a homeowner.