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Property Market Cooling?

This week has seen a number of fresh reports regarding the property market here in the UK, with new data released by the Office of National Statistics (ONS) revealing that there was a rise of 12.1% in property prices in the year up to September 2014. Perhaps not surprisingly, the fastest growth was seen in London, where there was an 18.8% annual rise in house prices according to these new figures.
However as reported by the BBC this in many ways stands in direct contrast to recent data from other sources such as Nationwide and Halifax, which had in fact suggested that house price growth had slowed in the 12 months leading up to the end of October, in line with a number of other indications that the property market may be cooling.
A potential reason for this discrepancy could lie in the type of figures being looked at. For example as pointed out by The Guardian looking at the average house prices rather than year on year rises paints a rather different picture, given that the data from the ONS also revealed that the average house price in September was £273,000, which is representative of a decrease when compared with the record figure of £274,000 set in August.
The article quotes the ONS as stating that “this month has seen house prices in a number of regions fall back from the record levels witnessed in August 2014. Only house prices in the East of England remain at record levels.”
Additionally experts also believe that storm clouds may be gathering for the UK property market, with some suggesting that political factors, such as the build-up to the general election, may bring with it a dampening of the residential property market.
Reports such as these highlight the often volatile nature of the property market, which can make it difficult for potential buyers to get a foothold on the property ladder. However here at Search Mortgage Solutions we can help. So if you’re looking for a mortgage broker in Liverpool then please do not hesitate to contact us and a member of our friendly team will be happy to help you with your enquiries.

 

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Currently we are operating as normal, we have put a number of procedures in place to help mitigate the spread and limit the impact on the companies operations. Our staff are fully equipped to work remotely from home to answer your mortgage related questions. Your safety and well-being is of the utmost importance to us and so we are closely monitoring the situation with COVID-19 and the mortgage market. If you have any questions related to a new or existing mortgage then we are a mortgage broker that is happy to help answer them. Thankfully, none of the Search Mortgage Solutions team has been directly affected by COVID-19 and we have taken preventative measures to ensure this remains the case, which includes our staff working from home where necessary.
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