x
By using this website, you agree to our use of cookies to enhance your experience.
STAY CONNECTED!
  
newsletter-button

TODAY'S OTHER NEWS

Housing market enjoys bumper October

Two new sets of figures published today showing the housing market firing on all cylinders into the autumn.

House in England and Wales prices rose at the fastest annual rate for six months in October, according to new figures from Reeds Rains and Your Move estate agents.

Prices jumped by £2,500 in October alone, equal to £80 a day.

The latest Mortgage Monitor from e.surv chartered surveyors showed the highest October house purchase lending for seven years.

The two sets of figures will confirm that the housing market is in rude health, but will also raise concerns that prices are rising too quickly as mortgage rates stay at record lows.

The figures from Reeds Rains and Your Move confirm a slowdown in sales of homes worth more than £1.5 million, which fell 35% year-on-year as steeper stamp duty continues to bite.

But prices are reviving in London, up £24,636 in the last year, equal to 75% of a typical Londoner's salary.

Arian Gill, director of Reeds Rains and Your Move, hailed a “Halloween resurrection” in house prices this October, as annual growth sprang back into life.

“House prices across England and Wales are now 5.2% higher than a year ago, or £14,211, up from 4.7% in the year to September.”

Gill said this was the fastest annual rise in house prices recorded for six months, taking property values to a new high.

The e.surv figures showed overall house purchase lending approvals reached 72,409 in October, the most in any October since 2008.

The number of house purchase approvals has increased by 5.1% from September’s 68,874 approvals, taking annual growth to 21.9%.

Richard Sexton, director of e.surv, said the housing market slowdown seen after the mortgage market review was now firmly in the shadows.

“Lenders aren’t shying away from supporting buyers and appear confident that lending volumes will grow in 2016.”

Sexton said the increasing number of approvals was driven by the improving prospects of mortgage borrowers, who continue to benefit from low inflation rates and rising wages.

Lending to borrowers with deposits of 15% also enjoyed their best October in seven years.

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up