Is everything all bright or there is a still a sign of dark cloud in the blue sky?
Well, according to the latest reports of Nationwide, house prices have hit an all-time high in the present year with a rise of 4.7 per cent. This came as welcoming news after the brief stint of 0.2 per cent rise in July. Yet, all is not well in the market, as property transactions have recorded their lowest slid in two years.
The building society stated that the average house price increased to £168,731 in the months, up by 0.2 per cent from June, and down by 0.4 per cent than the last year’s slab.
According to the reports of Bank of England and the daily mail news, Nationwide's chief economist Robert Gardner said that regardless of house prices rise and mortgage approvals in June, market transactions did not move an inch from its low level.
The property transaction count recorded in the last three months till June remained stuck at 204,000 – the lowest level for the usual strong home buying months. The monthly rise recorded in the house prices in July offers a small improvement on the year-on- year figure from last month’s prices of being 1.1 per cent low than the previous year.
The Bank of England has recently reported a 13-month high in the mortgage approvals for house purchase to 48,421 in June. The transactions on the property market seem to remain stuck at its lowest level.
So, all you people, there seems to be a ray of light with the rise of house prices, for the retirees it can be a good luck charm, as it will facilitate you with the chances of cash in more amount through equity release.
Moreover, the wind of change is still to blow over the property transaction market, so why not move on with the flow?
