“The data released by Nationwide this week suggests a slight increase in house price growth both month on month and, more significantly, year on year. The summer is traditionally a quieter period with fewer buyers coming to market, but the continuing lack of supply plus the recent BoE interest rate cut, which has resulted in many lenders downpricing products, coupled with fewer vendors listing their properties in many areas of the country has no doubt helped to underpin the market over the last couple of months.
It's also worth noting when comparing figures year on year that July and August in 2015 were unseasonably busy due to pent up demand following the General Election. That we’ve seen growth year on year within this context, given the current political and economic landscape, is significant and highlights ongoing consumer demand for property. It will be interesting to see how this translates going into the rest of the year, although it’s reasonable to suggest that with a record number of mortgage products now available, together with increasing flexibility in terms of lending criteria from many providers, those who are seeking to get on or move up the property ladder may find market conditions favourable to do so.”
Michael Lawlor is from Mortgage Advice Bureau – for further information call: 02083431777 or
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