Jeff Knight, director of marketing at Foundation Home Loans, says buyers can continue to take advantage of the current climate following the release of figures from the Office for National Statistics (ONS)
Growth in house prices rose at a slower pace in June, yet remains close to the 5% average rate seen this year, with the slowest increases coming in London and the north-east.
The average house price increased by £2,000 in June to £223,000 compared to the previous month, nearly £10,000 higher than a year ago. The annual growth rate has slowed since the middle of last year after the vote to leave the EU, but prices are still outstripping increases in inflation and wages, at 4.9% in the year to June, down from 5% in May.
London saw a £3,000 drop in the average price of a home to £482,000 in June from the previous month, but remains the most expensive region in which to own a property. The value of a home in the capital increased by 2.9% against the same time last year, while the lowest average price continues to be in the north-east, at £130,000, where prices rose by 2.5% over the year.
And Mr Knight, director of marketing at Foundation Home Loans, said: “With political uncertainty, stagnant wage growth and a continued shortage of properties – at least enough to meet demand – it’s been hard to see any real momentum in the market. Having said that, it’s never quite enough to put too much of a brake on purchasing, and with interest rates held at record lows buyers can continue to take advantage.”
“As ever, the rental sector is providing that stepping stone to ownership. Choice for tenants and high standards need to be maintained, so that those not yet at the stage of fully committing to a property can save confidently towards that first step onto the ladder.”