UK Housing Market Sees Further Increasing Prices

House prices across the UK rose by 0.7% in September, taking the annual growth up to 3.2%, according to Nationwide’s latest reports. This is the strongest annual house price growth that we have seen in almost two years, with annual growth in the North West specifically clocking in at 4.9%.

Not only are house prices rising, but there is much more activity in the market, with mortgage approvals in August hitting pre-covid levels, and less than 3% below the 2017-2019 average. With sales agreed 8% above that average, and new instructions at 9% for September, the demand and supply are both growing healthily, easing pressure on prices and allowing for overall growth on the market.

With mortgage rates still dropping, the average 2-year fixed is now at 4.8% - compared to 6.2% last year, this drop has hugely encouraged buyers back to the market, improving affordability and seeing the first-time buyer number grow consistently.

The expectation is for these rates to slowly but continuously decrease, providing a boost in the housing market and bringing even more activity to market, with the opportunity for prices to continue growing alongside demand. As we head into the winter months, the market will take a natural decline, which is why smart investors are looking to move during these periods, reducing their competition and able to achieve the most competitive prices for their properties.

If you’ve been looking to invest in the Manchester property market, now is your time to act. Contact our expert team today to find out more about how you could benefit and what opportunities we have available to explore.