According to research by the Halifax, UK house prices have fallen in the last three months following a period of stagnation. The UK property market has seen a 0.2% decrease in prices in the last three months with a 0.1% drop seen in the last month alone. This is the first time prices have fallen quarterly since November 2012.
In the year to April, house prices rose by 3.8% which is the lowest rise seen in four years, bringing the average cost of a house or flat in the UK to £219,649.
This news comes after one mortgage provider announced it will launch the cheapest ever mortgage. Yorkshire Building Society announced last month that they will now be offering a mortgage rate of just 0.89%. However there was a catch; the mortgage fees would cost £1,495 and it would only be offered to those with 35% deposits or more.
There is a great deal of change and competitiveness within the property market at the minute which has been attributed to the fact that property had simply become too expensive for many people leading to a drop in demand. To combat this drop in demand, sellers are lowering their prices and lenders are looking to offer more attractive mortgage deals.
It is possible that while this competitiveness will be good for buyers to an extent, it can also make it difficult to find the right mortgage with all of those seemingly attractive deals around. Before signing your mortgage, it is vital to seek advice from a specialist solicitor who can go through the legalities involved in the mortgage as well as any potential issues within your contract with the mortgage lender.
Buying a property can be a stressful time for anyone, but it doesn’t have to be. To speak to one of our property solicitors here at Farleys please call 0845 287 0939 or complete our online contact form.
