Homebuyers may start to feel the urgency to secure a mortgage as soon as possible, after findings revealed house prices are beginning to rise.
According to the most recent House Price Index from the Office for National Statistics (ONS), UK properties increased in value by eight per cent between July 2020 and July 2021.
This is the equivalent of a growth of £19,000 over the 12-month period, with the largest rate of increase experienced in Scotland at 14.6 per cent.
Comparatively, English houses grew in price by seven per cent over the year, while properties in Wales went up by 11.6 per cent and those in Northern Ireland increased by nine per cent.
The ONS findings for July 2021stated that the slowdown in the market, caused by the pandemic lockdown in March 2020, then led to a surge in the sector once the economy opened up again.
“The latter half of 2020 saw the UK’s average house price growth accelerating. This trend continued into 2021, with the UK average house price at a record level in June 2021 (£265,000) but this has decreased in July 2021 to £256,000,” according to the report.
According to the Bank of England, purchasing a property is still incredibly popular, with the value of residential mortgage loans increasing by 4.6 per cent from the end of Q2 2020 to 2021. It had reached £1,584.1 billion by the third quarter of this year, a growth of £76.4 billion over the 12 months.
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