UK House Prices Fall for Second Consecutive Month
UK housing market house prices have fallen for the second month in a row. Growth in family incomes is still challenging due to the lack of wage progression. During the month of April, average home prices fell by 0.4%. This brings the average price of a home down to £207,699, according to Nationwide. This is the first time in almost five years average home prices decreased in two straight months.
Remortgage activity however continues to be strong as lenders are able to offer deals with extremely low interest rates attached. Deals also feature low administration fees which make a remortgage attractive as a saving tool.
A remortgage no longer plays a secondary role in ways to save money for a family budget. Cutting cost from the monthly mortgage payment plays a significant part in making a difference in monthly outgoings.
Robert Gardner of Nationwide commented on the latest housing market data, saying: “While monthly figures can be volatile, the recent softening in price growth may be a further indication that households are starting to react to the emerging squeeze on real incomes or to affordability pressures in key parts of the country.”
Gardner added: “The economic outlook is unusually uncertain, and housing market trends will depend crucially on developments in the wider economy.”
Home affordability remains a primary topic within the market. House prices are at a level which makes it difficult for anyone to simply run out and purchase a home. First time buyers are especially having a tough time of it. Houses are now sitting at a price which is more than six times average earnings.