How will house price increases affect mortgage broker advice?
2010-08-31 11:10
Claire Harvey, mortgage advice, mortgage
Marginal house price rises reported by the Land Registry in July may not come as good news to those seeking mortgage advice.
House prices have risen by 6.7 per cent over the last 12 months, with the largest increases in London, which saw the price change by 12.1 per cent.
Compared to June, house prices in July were just 0.4 per cent higher, the data shows.
This could make it more difficult for prospective homeowners to secure a mortgage on their new home.
There has also been a significant increase in the number of properties sold in England and Wales for more than £1 million. In the 12 months to May 2010, there was a 67 per cent increase in property sales in excess of this figure.
House prices in Scotland have risen even more than in England and Wales, figures from the Lloyds Scottish House Price Monitor show.
Property prices in the country increased by 0.8 per cent in the 12 months to the end of July.
Mortgage Broker - Ashall Glover Financial Services
Posted by Claire Harvey
