Mortgage News
House prices drop in August
The average house price dropped by 0.1% in August to £155,968, according to the latest Land Registry figures.
The annual drop is now 9.4% – up from a low of 16.3% in February.
London and the West Midlands experienced the greatest monthly price rise with a movement of 0.8% and the average property price in the capital is now £310,640.
All regions experienced a decrease in their average property values over the last 12 months. The region with the most significant annual price fall was the North West with a movement of -12.7%.
The figures show the number of completed house sales in England and Wales rose steadily during the first half of the year to 48,903 in June from 26,517 in January.
Keshav Thukaram, managing director of buy- to- let website Smartlandlord, warned that the Land Registry figures always lag behind the market as they are based on completed transactions.
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He added: “Although mortgage lending is still restricted, Smartlandlord has seen a steep increase in the number of enquiries for advice on the best mortgage deals available to investors right now – including from overseas investors. Although that is all very positive, I am not convinced we are seeing a sustained economic recovery.”