SALES NEWS: Market losing momentum?
According to the Nationwide, annual house price inflation across the UK is still running at 9% and prices rose by 0.5% through October. Nevertheless, the overall trend in property prices is down by 0.4% indicating a possible loss of momentum.
Meanwhile, despite the number of buyers registered as actively looking for a property reaching a ten year high in September, the number of mortgages approved by lenders in the same month was almost 20% lower than that at the beginning of the year. First time buyers accounted for 30% of transactions.
Charles Haresnape, the chairman of IMLA, said, “Clearly there are exceptional circumstances still impacting the market, with the arrival of lending caps and higher stress tests hot on the heels of MMR. With base rate speculation also impacting consumer appetite and product pricing, there have been forces pulling in opposite directions.”