Purchase prices varied across the UK, with some regions seeing prices increase both month on month and year on year, according to Mortgage Advice Bureau.
The National Mortgage Index showed very little change from September 2017 to October 2017. Although areas such as Yorkshire and Humber, the North West and West Midlands have seen rising prices year on year, prices are cooling in other areas – such as London and the South East.
In October 2017, the average purchase price was 0.4% higher than September 2017, while the average remortgage loan size rose in October 2017 to £176,186 – a 1.1% increase on the previous month.
Meanwhile, a 2.6% increase was seen for the average first-time buyer purchase price, up to £214,132 in October.
However, asking prices decreased significantly in October, according to the monthly Rightmove House Price Index. The outcome was likely due to ‘over-ambitious’ pricing when properties are first marketed.
It’s still uncertain whether the Chancellor’s decision to slash stamp duty for first-time buyers will have the desired effect on the housing market. Given the current political situation, it’s reasonable to suggest that the market will remain level for the remainder of 2017, returning a ‘market performed as anticipated’ result by the end of the year, the Bureau said.