Brian Murphy, head of lending for Mortgage Advice Bureau, said:
“The data released from Halifax this morning does highlight just how mercurial month on month price movements can be. That said, the quarterly figure for the first three months of 2019 suggests a more resilient picture, which given the ongoing political turbulence is perhaps reassuring. There is, however, the distinct possibility that the lack of homes for sale in many parts of the UK is providing support for pricing. Also, let’s not forget that last March, we were all shivering in the grip of ‘the Beast from the East’ with its concomitant impact on housing market activity. Therefore, whilst the annualised growth figure is encouraging at first glance, there’s a possibility that it doesn’t perhaps provide an accurate picture of market movements over the past twelve months, given the unusual circumstances of the same period last year.
Looking at the lower level of mortgage approval figures, whilst it’s easy to suggest that Brexit uncertainty is the major cause, the lower levels of homes currently available could be another obvious contributory factor, as this somewhat reduces buyer choice. However, those who are moving home at the moment are likely to find that lender competition has seen rates remain low, providing a silver lining in otherwise cloudy times.”
To read the full report, click here.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.