Property investors and first-time buyers can rejoice as housing prices see new lows this month in the long-predicted uptrend of the housing market.
As stamp duties have been abolished up to £300,000 for first time buyers in addition to the rise in remortgage obtainability, these wintery months could be the best time to invest.
House price growth dipped in October, according to official figures, as London’s sluggish market pulled down the national average. Following London’s slow months, December has seen £8,000 wiped off house prices.
Adversely the North East of England was the only region to buck the downward month-on-month trend, with asking prices there up by 1.3% monthly to reach £146,090 on average.
The results have marked the most significant monthly percentage fall since a 3.1% dip in December 2012 – leaving to question what potential repercussions will the market face in 2018.
The figures and their volatility display the underlining diversity of the UK’s housing market; in London, house price growth was just 2.1pc over the year, falling 0.9pc in October. Meanwhile, the East Midlands continued its winning streak, racking up an annual increase of 7pc.
In addition to the Bank of England’s data, explored in our previous article, that the number of loans for remortgaging has been at record levels as borrowers took advantage of low rates ahead of November’s Bank of England rate rise. Home movers borrowed £7bn in October, which was 18.6pc higher than last year.
If you’re feeling the effects of this winter’s market, then take back control of the housing markets with the Modern Method of Auction and not only buy or sell your property in record time, but ensure it is sold transparently and securely with our team of property auction specialists.