May 2019 House Price Update
UK Housing Price and Market Update for May 2019
Average Price Paid
Transactions and number of mortgages approved remain broadly stable in May.
The market has seen slight shifts in the favour of buyers thanks to lower volume of stock coming to market.
Stable growth of First Time Buyers entering the market, standing at 359,000 in the twelve months to March 2019.
Prices are still high compared to earnings but low mortgage rates are supporting affordability.
Potential FTB’s setting aside 15% of their monthly income would take around 6 years to save a 20% house deposit in the Yorkshire and Humber area, compared to over 15 years in London.
Low mortgage rates for smaller deposits are helping to keep transaction numbers stable, allowing earlier entry to the market by reducing cost advantages of saving for larger deposits.
Source of UK Property Price Data ‘Annual Change’, ‘Quarterly Change’, ‘Monthly Change’, ‘Average Price’ and ‘Average Mortgage Rates’ - Nationwide House Price Index.
Please note that the use of the above information and commentary is subject to both the Nationwide Legal Terms (https://www.nationwide.co.uk/about/house-price-index/headlines) and also where applicable, the Terms and Conditions found on our website www.resonateproperty.co.uk.