In differing news from other lenders, the Halifax have recently announced that house prices have risen over the past year which is contrary to what the Nationwide Building Society recently stated.
According to the Halifax, house price inflation has risen to its highest rate in 12 months at an annual rate of 3.7%.
What will be concerning for many young people wishing to get on the property ladder is that the rate rise in the average house being a lot higher than the rate at which wages are rising. The average house is now thought to sit at a whopping £229,958 in August despite the slowing rate of 0.1% growth in month-on-month.
Unemployment is at its lowest level since 1969 and the overall general increase in wage growth has assisted households in supporting their finances. This along with the historically low interest rates and a supply of new homes on the market has all encouraged the growth.
Currently, many experts claim that the market is fairly stagnant however, things could move in either direction at any time especially if an interest rate rises should occur in the near future.
There really is no better time to speak to a qualified Mortgage Adviser to find out if you could be saving money each month. Why not get in touch today and find out if you could be saving money on your mortgage? Call 03333 44 85 11 or complete the form below and we’ll be in touch as soon as we can.