The average house price increased by 5.4% this year, according to latest ONS figures.
October 2020 saw UK house price growth at its highest level since October 2016, with Scotland and Wales surpassing the national average.
Legal & General Mortgage Club director Kevin Roberts said: “The stamp duty holiday continues to play an active role in driving the housing sector into growth after the restrictions from April and May.
“However, the market is experiencing pent-up demand which is causing delays in the homebuying journey. On average, our research showed that it could take buyers up to 17 weeks to complete their transaction. It’s important that prospective buyers speak to an adviser to help them navigate the changes and access the most up-to-date guidance and support.”
Latest News
-
Chancellor expected to cut cash ISA allowance
-
House price growth slows to 2.1% in June – Nationwide
-
Keystone Property Finance completes fifth securitisation
-
FCA to introduce ‘once-in-a-generation’ advice reforms
-
Monthly net mortgage approvals rise for first time in 2025 – BoE
-
3.5 million first-time buyers ‘waiting in the wings’ – IMLA
Is 2025 the year of the remortgage?
An estimated 1.8 million fixed rate mortgage deals are due to expire in 2025, 400,000 more than in 2024. This surge in remortgaging presents a critical opportunity for mortgage brokers to offer essential advice and financial support to homeowners across the UK, ensuring they transition smoothly to new deals amid stabilising interest rates and heightened affordability checks.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories