Long term mortgages help to keep monthly repayments lower. But the overall interest you pay can amount to eye-watering sums.
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The challenges facing first time buyers and uspizers right now all boil down to one thing: affordability. And buyers in the south of England are suffering the most on this front. Our Executive Director of Research, Richard Donnell, takes a look at what’s happening in the housing market.
The supply of homes for sale has hit a five year high with 20% more homes on the market compared to this time last year.
House prices fall -0.2% over the last year while market activity improves with more sales and mortgage approvals. Here’s the latest on the UK housing market from the Zoopla House Price Index for April 2024.
Home buyers are currently facing an annual increase of £4,300 on their mortgage repayments, rising to £7,500 in London.
Buyer confidence is improving and 12% more homes are going under offer compared to this time last year. Mortgage approvals for home purchases are also up 32%.
The new national average house price is £264,500 in April 2024. Check out a host of hot properties available for around that price right now.
The average rent in the UK is now £1,223 per month after 7.2% growth in the last year. The highest average rent in the UK is in London (£2,121) while the North East has the lowest monthly rent (£695).
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