Halifax House Price Index December 2018
Brian Murphy, Head of Lending for Mortgage Advice Bureau comments:
“The report released by the Halifax this morning suggests that annualised house price growth softened and prices cooled month on month in November, which given the current political and economic climate is perhaps not entirely surprising. However, the fact that year on year, prices have increased at headline level should provide some positive news, and indeed doesn’t perhaps reflect the strong performance of some regions across the UK where the market is still very active. In towns and cities where would-be vendors are taking a more ‘wait and see’ approach, this lack of stock is likely to also be providing support for property which is currently listed, although the flip side of this, of course, is that in those areas there is potentially less choice for buyers who may not be able to negotiate on asking prices as a result.
As far as lenders are concerned, the last few weeks have seen many move into a more competitive mode, which has resulted in a raft of reductions in product rates, both for residential purchase and remortgage, with five year fixes now available at sub two per cent. Rates have also been cut by some lenders for the Buy To Let sector, providing landlords with much needed support and the opportunity to review and re-gear their portfolios. This all means that for those who are in the market to purchase currently, whether that be as a main residence or investment, from a borrowing perspective there is the possibility of securing an exceptionally competitive rate which, when paired with the opportunity to purchase from motivated vendors, may provide buyers with a late-year window of opportunity.”
To read the full Halifax report, please click here.
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