Reports from the Office for National Statistics have revealed that inflation in the UK’s housing market may at last be losing steam, following a dramatic drop in annual price increases in the first month of the year.
The report revealed that house prices rose by just under 8.5% in January, which was £1,000 below August’s peak. The growth is much lower than observed in the four months preceding.
Driven predominantly by London, which has consistently shown increases of 13% year on year, annual price inflation peaked in September 2014 at just over 12%, before October saw it drop to 10.4%, with a continued decrease in November and December.
Stephen Smith, director of Legal & General Mortgage Club, commented:
“House prices have started this year slightly down on the end of 2014. However, it is worth putting these figures into context as house prices are much higher than they were at the start of 2014 and in many areas are close to their 2007 peak.”
He went on to add that in order for a housing market to be healthy, it needs to grow at a rate that falls around the current inflation levels. This is so that the market remains fluid and accessible to everyone, from newcomers to those looking to step up the property ladder.
Working in the mortgage industry, you will have completed your CeMAP training and passed the exam to enable you to interview customers in a competent and regulatory manner. You will assess their affordability and establish if they can borrow what is required to purchase their dream home, as well as confirm if they are looking at realistic property prices.