House Prices Grow At Slowest Rate In Eight Months
2 minute read
Recent reports from important Mortgage industry publications have emerged, reporting on how house prices grew at their slowest rate in eight months in the month of November. Reports suggested that prices rose by 10% year-on-year in November, from £246,000 to £271,000, marking the slowest annual growth since November. Other annual changes saw first time buyers being hit hard by rising prices, with 11% growth year-on-year in the month of November, whilst prices for home movers, grew at 9.5% over the same period.
Greatest Regional Growth
Perhaps as was expected, housing prices grew at their greatest rate in London, having seen growth of 15.3%, whilst the East of England rose by 11.9% and the South East of England by 10.8%. Professional analysts in the United Kingdom have suggested the slowdown in housing price rises was to be expected and that property price rises are increasingly likely to slow in the coming months, with 4% being the expected increase over 2015.
What Does This Mean?
Suggestions emerging from this news seem to suggest that this change in pricing is an important indicator of a housing market that is slowly becoming more steady, reflective of “more balanced market conditions”, which could mean good news for home buyers. Suggestions have also emerged, which appear to propose that a stronger first half to the year, led to a far more subdued price growth in the second half of 2014. One thing that does appear to be abundantly clear is that the slow rate of increase would reflect what is currently a “buyer’s market”, and for many, this can be only be good news. To discuss your mortgage application, speak to Just today.