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Mortgage Value Rises 5% YOY
April 19, 2022When Should You Use A Bridging Loan?
April 30, 2022UK house prices have continued to soar, with the latest data showing that London is closing the gap on the rest.
The Halifax House Price Index for March revealed that the price of the average UK home is now a record £282,753, representing a 1.4 per cent rise on February, the highest increase in six months. The typical home now costs £43,000 more than it did two years ago at the start of the pandemic, with an 11 per cent year-on-year rise, up from 10.8 per cent in February.
Of course, there are significant regional variations and the main headline in the Halifax survey was that Wales had lost its 14-month status as the region with the highest price increases to the south west of England.
The 14.6 per cent increase in the south west and 14.1 per cent rate for Wales still easily outstrip rates in the capital, which has had a few years in the doldrums while still being the most expensive place to buy.
However, those seeking mortgage advice in London might take note of the fact that its comparatively rate of price inflation, at 5.9 per cent, is on the rise. For instance, in the February index the figure was 5.4 per cent. However, even that was the strongest since the end of 2020.
The trends seen in the Halifax index echo those of other surveys, such as Nationwide. Its March survey also indicated price inflation is up, although in this case more so; from 12.6 per cent in February to 14.3 per cent, the highest figure since 2004.
This survey also showed that London was still trailing, although this was also higher than the Halifax figure at 7.4 per cent. Once again, however, this has been on the rise, up from 4.2 per cent three months before.
It may be that factors such as higher interest rates and the surge in the cost of living will dampen the housing market as a whole, but for now, those needing mortgage advice are dealing with significant increases, a situation that is increasingly true of London as well.
Your home may be repossessed if you do not keep up repayments on your mortgage.
A fee may be charged for mortgage advice. The exact amount will depend on your circumstances. I.I Financial Services Limited is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales company no. 10817448. Registered office Expressway G15, 1 Dock Road, London, E16 1AH
AUTHOR
Imran Bhatti
Imran created I.I Financial Services Ltd. in 2020 after working in the mortgage industry for over 10 years. His main reason for ‘going it alone’ was Imran’s unwavering desire to put his clients first. Imran has worked for large corporate companies as well as smaller independent brokers but what he loves is the personal customer experience. His clients are like his family. Imran loves a challenge and when faced with an unusual case he will find a way to satisfy the clients’ needs. Nothing is too difficult. Imran is a family man who devotes his spare time to his three children. Anyone who knows Imran would describe him as fun, with a great sense of humour, generous, caring and extremely professional. Once you have met Imran and experienced his service you will stay with him for life.
