The latest trends in the UK's housing market - October 2017
By Alex at Aboda, Oct 30 2017 10:03PM
House prices across the UK rose by 5.0% in the 12 months to August according to the ONS, up 0.5% on the revised figure for July of 4.5%.
The UK economy appears to have held its own over Q3 2017: latest data shows the economy grew by 0.4% over the quarter to end September which is exactly in line with the average quarterly growth rate over the last 3 years. This equates to a solid annual economic growth of 1.5% (latest quarter on the same quarter a year previous).
There were 100,850 residential property transactions across the UK in September according to the HMRC, the ninth consecutive month of over 100,000 sales. Transaction volumes have fallen marginally over the past few months with September seeing the lowest monthly total since May.
The level of mortgage approvals dipped slightly in September although remortgaging figures picked up, indicative of an anticipated rise in interest rates. While lower than in August 2017, the number and value of loans were both higher than a year ago.
Average rents across Great Britain rose by 1.6% in the 12 months to September, unchanged from the growth recorded in the year to August. The East Midlands region is currently seeing the strongest annual growth in average rents at 2.9%, followed by the South East 2.5%.
Over the last 12 full months there have been 886 sales in Wisbech PE13 & PE14. This is a −5% change on the previous 12 month period. The average sales price was £175,603.
We'd love to hear from you at our branch. Get in touch!
The Elms, High Road
Wisbech St Mary