House price growth rallies in November

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Welcome news as house price growth rallies in November 2019

In what has been described as a somewhat stagnant economic and mortgage market by some commentators, it may come as a welcome surprise to homeowners that house prices across the country have been increasing, according to the latest House Price Index data from Halifax.

The data has shown a marked increase of 2.1% in November 2019 when compared to the same month one year earlier. This change is also the largest monthly increase since February 2019, with prices having increased 1% from October to November.

As a result, the average price of a house in the UK now stands at £234,625 – a substantial rise of £4,836 from November 2018 to November 2019.

As well as growth in house prices, we’re also seeing near-record low mortgage rates across the market due to the current price war amongst mortgage lenders. A number of lenders cut their rates at the beginning of 2019 and the pace of cuts quickened into the last quarter of the year, according to Moneyfacts.

Together, increased house prices and low mortgage rates could provide a great opportunity for home movers or those who are looking to remortgage their properties. With rates historically low for both types of borrowers, now could be a great time to consider your options.

With a huge range of lenders offering different products with different rates and different fees it can become confusing. That’s why seeking professional advice can be invaluable – we will be able to help you secure a deal that is best for you and your individual circumstances, saving you valuable time.

If you’d like to take advantage of growing house prices and low mortgage rates, contact us today.

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