If you've been thinking about moving, you've no doubt seen a lot of headlines about home prices and predictions about whether they will fall this year.
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Our monthly house price index is based on the largest, most up-to-date data on the number of homes currently for sale, so we can identify any changes in the housing market in real time.The index not only reflects the situation nationwide, but also reflects the housing price situation in various regions.
Some new home sellers have adjusted their expected sales prices this month as mortgages and interest rates rise, homebuyers face facing growing affordability challenges. As a result, the average selling price of UK homes fell by 0.2% (-£905) in July to £371,907.
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This drop is slightly below normal for this time of year and follows a fall of £82 in June.
It has been actually verified that house prices in the first half of this year are more flexible than most people expected, and have risen since January. 2.6% .
At the beginning of this year, we expected Average sales prices through December will fall by 2%, a forecast that now appears likely to come true.
However, in real terms , house prices have risen now compared to July 2019, when the average asking price was £308,692 20%.
The current average asking price is higher than the same period last year House prices rose by 0.5%, but house prices in some areas have begun to show an annual downward trend .
What is the asking price like in your area?#{71 }
There are differences in the average selling price in different regions, and the speed of price changes is also different.
#{78 }As of July, average house prices have actually increased in four areas of the UK.
In the East Midlands, the average price of a house has increased by 1.1% to just under £290,000 over the past year 1.8%.
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Average asking prices by region in the UK
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What does it mean if you want to move?
There has been a lot of news over the past few weeks about rising interest rates and mortgage rates.
British property expert Tim Bannister said: "Unexpected inflation data and the surprise of further increases in mortgage rates, resulting in a decline in average home prices and number of transactions
Some homebuyers are pausing their plans until mortgage rates stabilize, however. There are many prospective homebuyers factoring rising interest rates into their budgets and continuing to inquire about homes for sale. In fact, homebuyer demand remains above relatively normal market levels in 2019. 137}
Tim said: "First -time buyers, investors and savers with higher deposits and lower loan requirements still appear to be actively searching the market. They don't want to miss out on affordable properties that they still have. The right property that is affordable
# {135}He added: “If sellers price it right from the beginning, rather than asking too much at the beginning, they will end up asking too much. If you lower the price , you are more likely to attract these motivated buyers. }What happened to mortgage rates?
British real estate mortgage expert Matt Smith said that after the market turmoil, there are signs Indicating that mortgage rates are reaching a peak
He said: "The average rates are up compared to last week, but we will see a rise in the next few days. You may see some lenders start to lower interest rates, however, at least initially. You can look at current UK mortgage rates for different deposit amounts and compare them to last week's average rates
If you're planning to move, a mortgage broker or. An advisor can help you which determine lender is best for you based on your specific situation and explain which mortgage type is best for you
You can also go online. Apply for a principle mortgage to find out how much you can borrow. It's fast, free and won't affect your credit score. }In the process of purchasing a British house, British real estate buyers will encounter various problems with professional requirements.
At this time, you can contact us. LANSA's UK property experts, looking for professional advice and advice.The Lansha team is dedicated to serving you.
