Independent Mortgage Advisor Harrogate: Housing Market Activity Remains Robust
Across the UK, housing market activity continued to advance strongly in September, although the outlook for the future remains more subdued.
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The latest UK Residential Market Survey from the Royal Institution of Chartered Surveyors (RICS) reported a fourth consecutive month of rising housing market activity, with a net balance of +52% of respondents reporting an increase in new buyer enquiries. This compares to +75% and +63% posted in July and August respectively.
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Harrogate, Halifax and areas of South Yorkshire have reported house prices to be 7.3% higher than in the same month a year earlier, which represents the strongest rate of growth since June 2016.
Russell Galley, Managing Director, Halifax said: “While it may come later than initially anticipated, we continue to believe that significant downward pressure on house prices should be expected at some point in the months ahead as the realities of an economic recession are felt even more keenly.”
Pandemic strengthens the resolve of first-time buyers
First-time buyers have become more determined to follow their homeownership dreams and save more to get a foot on the housing ladder, according to new research from Yorkshire Building Society.
Three in five (61%) respondents said that buying a home is more important to them now than it was in March. Over a third (35%) expected to buy their home sooner due to the pandemic and 44% said they had been able to save more for their deposit over recent months.
However, there are still challenges to overcome, such as the lack of low deposit mortgages available to borrowers. In his Conservative Party conference speech, Boris Johnson addressed this by announcing plans to turn “generation rent into generation buy” through a new scheme that will allow long-term fixed-rate mortgages of up to 95% of the property value. No exact details of how the scheme would work or when it will be introduced have been revealed to date.