House price growth slipped further during the month of September as house prices in the Southeast represents the latest in the slowdown of the UK housing market. The data made public by Your Move is significant in a historical perspective. House price growth has now slowed to a six and a half year low. Transactions were another major point of reference during the month of September. The number of transactions dropped month to month by more than 15%.

As house prices fell in the Southeast, they increased in England and Wales year on year 0.9% year on year. The average house price now sits at £302,626. This is a reduction in average price month on month of 0.1%. Sales transactions totaled 72,500 for the month.

House prices have been forecasted to grow for the year at a rate of 1-2%. Estimates going forward include no growth predicted for next year, then slight growth for the next two years.

As house price growth remains challenging due to wage growth, general unaffordability, and cautionary measures concerning Brexit, the remortgage sector remains robust.

Lenders have been raising interest rates on deals moderately in the last few weeks after the second increase in the base rate in twelve months took place in August. This has not stopped house owners from finding exceptional deals on remortgage packages which include a bevy of incentives.

Many house owners are saving money due to their decision to remortgage last month. Lowering their monthly outgoings only slightly by £50 per month results in £600 per month in savings overall.