Taylor Scott International News

Average property prices in the UK fell by 0.4% in December but are still 8.2% above the same month in 2013, the latest index figures show. This takes the average price of a UK home to £205,150, according to the data from independent estate agency haart. But in London prices fell by 0.2% month on month with annual growth of 11.4% taking the average price to £482,746. The data also shows that the deposit needed by a first time buyer fell 5% over 12 months and the average first time buyer mortgage increased 12% annually to £133,872. There were 11 buyers chasing each property available across the UK and nearly 20 in London, but sales are down, some 2.4% in December compared to November and 17.1% compared to December 2013. ‘Affordability is beginning to make a comeback in 2015 as prices start to stabilise, mortgage deals proliferate and higher loan-to-values become more commonplace,’ said Paul Smith, chief executive officer of haart. ‘We are highly unlikely to see a repeat of last spring’s meteoric annual price growth in London that broke the 20% mark and broke the 10% barrier nationally. This is good for consumer confidence and certainly better than talk of bubbles and boom and bust,’ he pointed out. He believes that a great opportunity now exists for first time buyers as lenders compete for their business. ‘Our data shows deposits reducing, despite larger mortgages and average first time buyer property prices which have grown at a rapid rate since summer 2014,’ he explained. ‘Following the Stamp Duty reforms, the purchaser of a typical first time buyer home will now save £828 which could help to cover some of the moving costs,’ he added. Continue reading →

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