UK Housing Prices Fail to Grow during the Month of January
Aside from all the political news of last year and then the official Brexit outline for the coming months, one part of the UK housing market is still quite volatile. Housing prices have been ablaze during the last few years regarding growth and now for the first time in several months that fire has begun to sputter. Prices in the month of January actually did more than sputter – they fell. This is the first housing price decrease for the month since last August, according to Halifax.
UK house prices dropped almost an entire 1% during the month indicating the housing market could be starting to cool off a bit, as many experts have claimed. Some have even called the market possibly slumping in the year 2017.
The average price of a UK home now sits at £220,260. This is atypical as the decrease which took place in August was 0.3%.
Samuel Tombs, the chief UK economist at Pantheon Macroeconomics, commented on the lack of house price growth during the month, saying: “While large month-to-month falls in Halifax’s measure of house prices are common, price growth has fundamentally weakened since the [EU] referendum.”
Another area of the UK housing market which is still on fire is the remortgage sector. Deals can still be found with many high profile lenders who are in search of clients looking for low interest rate remortgage deals with low administration fees.
The remortgage process has now been streamlined and what once took many weeks to complete is now accomplished in a few days.