Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from firstname.lastname@example.org. Be Scamsmart.
House prices in most areas of the UK have risen over the past year, however data from HM Land Registry reveals that some areas – including London – have seen house prices drop recently.
According to the latest HM Land Registry’s UK House Price Index, the average property price in the UK in March 2019 was £226,798, an increase of 1.4% year-on-year. On a regional basis, the area that saw the biggest rise in house prices was Yorkshire and The Humber, which saw an annual increase of 3.6% in the year to March. Northern Ireland was next with an increase of 3.5%, followed by West Midlands 3.4%, Scotland 3.3% and Wales 3.0%. Not all areas saw an increase, however, with property prices in London seeing the biggest decrease at 1.9%, followed by the North East (-0.8%) and the South East (-0.4%).
The Bank of England has stated in its May 2019 inflation report that activity in the housing market has remained slow, with several factors contributing to this, including economic uncertainty, affordability constraints and changes in policy for buy-to-let mortgages reducing demand. In addition, an increase in housing supply may have also affected house prices. Furthermore, the Bank of England’s Money and Credit release revealed that the overall number of mortgage approvals for purchasing a home fell by around 3,000 in March 2019, to 62,300.
The reduction in demand shown in fewer mortgage approvals in March has seen increased competition from mortgage lenders to attract borrowers. This intense competition can be seen in the reducing rates across all loan-to-value (LTV) categories, but particularly marked at the 90% and 95% LTV tiers, where lenders at seeking to attract first-time buyers and in the increasing levels of incentives being offered to lure new borrowers.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.