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Property asking prices near record levels despite political uncertainty

Buoyant northern regions sends newly-marketed property prices to within £91 of a new record even with uncertainty over Brexit.

The Rightmove house price index is up 0.3% or £1,058 this month with average house prices at £309,348 and only £91 off a new record high despite political uncertainty.

Strong performances are from the northern regions setting an all-time price highs including East Midlands, the North West, Wales and Yorkshire & Humber.

For home movers wanting to trade up may find their next home is more expensive with average house prices for second steppers of £277,757 which means they may need a larger deposit or mortgage.

Northern regions are buoyant

Strong house price growth in northern regions also reflected better performance with more new sellers in the market and higher number of sales agreed compared to the national average.

The buoyant market activity has not adversely impacted first time buyers as average house prices for the month are higher by only £297 at £191,364.

The following table from Rightmove shows house prices for UK regions and growth for one month to June 2019.
Region House price 1-month change
North West £200,744 1.2%
Wales £202,100 0.9%
East Midlands £230,462 0.7%
South East £410,008 0.7%
Yorks. & Humber £194,581 0.5%
North East £153,806 0.0%
East of England £353,997 -0.1%
South West £311,377 -0.2%
Greater London £618,880 -0.4%
West Midlands £231,112 -0.5%
Scotalnd £155,840 -0.8%
Four of the top five performing regions are in the North pushing up the average national average to within £91 of the June 2018 all-time high of £309,439.

For remortgage buyers higher prices in the northern regions give them an opportunity to release capital which they can use to improve their home.

Miles Shipside, Rightmove director and housing market analyst said, more buoyant markets in the north and midlands are helping to nudge up prices due to the seemingly relentless strength of buyer demand.

Across the country seller supply is lower by an average of -5% so far in 2019 compared to the same period last year.

For East Midlands new seller supply is higher by 0.3% and northern regions like Yorkshire & the Humber are lower by -0.2%, Wales down by -2.5% and North West fell by -2.7%.

No recovery for London homeowners

In London the price of newly-marketed property has reduced by -0.4% or -£2,709 this month and there have been price falls for June over the past three years.

Miles Shipside said, the last time we measured a rise at this time of year was back in June 2015, when London property prices were going up by 6% a year.

A combination of factors are stalling the market including stretched affordability for buyers, higher moving costs and stamp duty as well as Brexit uncertainty with the annual change negative at -2.0%.

For first time buyers average property values are £477,861 down -1.7% over the year and for second steppers values have reduced -1.9% to £688,256.

House prices in all London transport Zones are falling other than for Zone 3 increasing by 0.6% in the last month with average values of £603,276 which is almost £130,000 less than living in Zone 2.

Average values for Greater London remain high at £618,880 allowing the equity release buyer to access wealth using a lifetime mortgage to maintain their lifestyle, home improvements and holidays of a lifetime.

With higher house prices in the capital buy-to-let landlords may look to cheaper boroughs to improve rental yields such as Barking and Dagenham with average cost of £317,382, Bexley costing £410,515 or Newham at £415,166.

What are your next steps?

Talk to our London City Mortgage brokers for advice if you remortgage your existing home and want the best mortgage deal or release capital, buying your first home, moving home or a buy-to-let investor.

Learn more by using the equity release calculator, mortgage cost calculators, and property value tracker chart. Start with a free mortgage quote or call us and we can take your details.

For older homeowners releasing equity from your property, our LCM mortgage advisers can recommend the lifetime mortgage, accessing wealth to buy a more expensive home or gift to a family member or friend.

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These are examples of mortgage products we can approach with many more offering interest rates and flexibility to meet your needs.

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    Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.


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