The recent house price Index report, which points to house prices in the three months to August having increased by 3.7 per cent against the same period last year, although the monthly change is far more subdued, at an increase of just 0.1 per cent. This means that, according to the report, the average Wolverhampton property is currently valued at £228,000
It seems that the interest rate increase earlier last month has made little change to the cost of borrowing, as many lenders had already priced in an upwards move in the bank rate some months ago. In fact, within the last two weeks or so, there are lenders who have actually reduced their rates, possibly in the hope that they will attract new customers in the lead up to the final quarter of this year.
With borrowing still relatively cheap, and the ongoing shortage of homes for sale in many areas of the Midlands and Staffordshire also underpinning values, it seems that house prices are, in some regions at least, continuing in their ascent.
This has been accompanied by interest rates still remaining at a historically low rate and a stable, yet constrained, supply of new homes onto the market further supporting house prices. The report also highlights that the number of first time buyers has now reached levels which are just 8 per cent lower than at the peak of the last boom in 2006, another factor that many will see as a positive, Since first-time buyers underpin the Wolverhampton housing market, this suggests that the market will continue to perform into 2019, and may even improve further.