House prices have moved ahead in August according to the Halifax, the property market is still strong. Average prices rose by 0.3% month-on-month, taking the annual rate of house price inflation to 1.8%. There is still good demand for new homes despite the uncertainty in the political and economic environment because people still need to move home and buy and sell properties. Market data released from the Halifax states the average price for a new home in the UK has risen to £233,541, up by almost £4,000 since the same point last year. The Wolverhampton property market is supported by strong employment levels and the continued shortage of houses for sale.
One key factor for property buyers in Wolverhampton is the continued fall in mortgage interest rates. Falls in gilt yields, which have dropped to record lows this week with interest rates dropping to just 0.4% are being passed on providing lower fixed-rate mortgage deals. At the moment we have two-year fixes available at rates of around 1.20% depending on mortgage product and personal circumstances, while certain five-year deals have fallen to around 1.90%.
If you like a free consultation and a professional recommendation on the best mortgage for you call Paul on 01902 213201