Hometrack recently release their latest set of data on house prices over the last 12 months. You can see the results for yourself here .
Aberdeen aside (which is in a market all of its own linked to the North Sea/Oil & Gas industry), every major city has seen house prices increase. Some less so than others and some have slowed from last year, but they are increasing.
Positives for the Manchester Mortgage market
The good news (for us at least) is that Manchester is holding its own with an above average increase of 7.1%. The only city to have a bigger increase was Birmingham.
It makes for interesting reading, as I was under the impression house prices were falling in London. The papers put a negative spin on London house prices in particular. After reading this, it appears house prices are still increase just not as fast as they have in the past.
Across the UK there has been a near 5% increase in house prices over the last 12 months, which includes the EU referendum and so I was expecting to see worse results. To me at least, these results seem quite positive.
In practical terms having house prices rise in combination with your mortgage repayments makes for the best way to get your loan to valuation down sooner which is always a bonus for when it comes to remortgage after a fixed rate expiring or if you want to shop around as the more equity in your home the lower the mortgage loan needed when compared to your home valuation and the net result is that the mortgage lender sees this a less risk and less risk means lower interest rates.
What should I do next?
If your fixed rate is expiring soon and you want to shop around the whole UK mortgage market than give Mortgage Success, the Independent Whole of Market Manchester Mortgage Brokers a call, as we are always happy to have a quick chat with no obligation to proceed