House price growth slows for tenth consecutive month

New figures from Your Move and Reeds Raines have shown that the rate of annual house price growth has slowed for the tenth successive month in March to 0.7%, compared to 5.1% a year ago. According to the data, average prices in England and Wales are now £301,490, up £130 on a month earlier and just £1,985 up on a year ago. The market remains starkly divided, however, with prices falling in London and the South East but continuing to grow elsewhere. In…

Mortgage freedom day arrives three days early

According to the latest Halifax research, 16th April is the day that average homeowners have earned sufficient to cover their mortgage payment for the rest of 2018. This is based on the average annual mortgage repayment cost of £8,039 and the average net annual income of £27,7243. North-South mortgage divide There is a wide variation in ‘Mortgage Freedom’ Days across the country with a gap of two months between when homeowners in Northern Ireland ‘celebrate’ on 10 March compared to those in England…

A fifth of areas now see homes earning more than their occupants

New research from Halifax has shown that roughly 18% of UK local areas have seen average house prices increase by more than total average pay over the last two years. According to the findings, house prices in Barnet in London exceeded average take-home earnings in the area by £52,256, the highest in the country and equating to £2,177 per month. The next biggest gap can be seen in North Hertfordshire in the East of England (£40,903), the only place outside London and the South…

Numbers of landlords remortgaging for home improvements triple to record high

Data from Countrywide has shown that the number of landlords remortgaging to release money for home improvements has reached a record high. In the last 12 months, out of the 171,421 landlords who re-mortgaged their buy-to-let property, 9,523 did so to take money out to spend on their investment. This is up from 8,459 in 2017 and three times more than in 2016 (2,967). In the last 12 months 5.6% of landlords who re-mortgaged released cash to spend on their property, up from 1.9%…

Average asking prices rise to highest ever levels

The latest data and analysis from property portal, Rightmove, has revealed that new property coming to market now commands the highest ever asking prices after a modest 0.4% rise in April. The new record of £305,732 is £789, or 0.3%, higher than the previous record of £304,943 set in July 2017. According to Rightmove’s data, the North West saw the strongest annual rate of price increase at 4.3% and is one of six out of eleven regions that have hit new records, including…

Sellers opting for the auction room over high street agents

There has been a surge in the number of sellers of high end properties choosing to sell their homes at auction rather than by private treaty, as salerooms prove they can deliver on price and timing. Andrew Binstock, Director and auctioneer, said, “The answer is to be brave and put your house up for sale though auction, where it can reap great rewards and fast. A number of people who intended to use this as their home were bidding on this property. It’s in…