UK property market cools but annual growth still increasing

One of the UK’s biggest mortgage lenders, Halifax, recently revealed the results of a survey showing the British housing market slowed slightly in June. In spite of a dip in house prices compared with May’s figures, the annual rate of growth is still rising.

British house prices rose by four percent in May, which was the greatest increase in over 11 years. In June, however, they fell by 0.6 percent when, according to Reuters, economists had expected them to rise by 0.2 percent. In the three months leading up to June there was an annual growth rate of 8.8 percent, which had been preceded, in the previous three months, by an increase of 8.7 percent.

Economist Peter Dixon said he thinks the UK housing market will peak soon, even though the annual rate is continuing to rise. He said there is evidence that the market is cooling.

https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Carney, the Governor of the Bank of England, said that he considers rapidly increasing house prices to be the greatest threat to financial stability in the UK. Deputy Governor Jon Cunliffe said that the problem of rapidly rising property prices has now extended beyond London. The Bank has introduced tighter regulations for mortgages to help reduce debt, and the number of UK mortgage approvals fell in May.

Many home buyers are now seeking expert mortgage advice. Fortunately, increasing numbers of people are attending CeMAP courses in London and cities throughout the UK. Once qualified, they will be able to offer the advice that borrowers need.



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