House prices drop 1.6% in April according to Halifax – Comments from industry:
Managing Director of One77 Mortgages, Alastair McKee, commented:
“Yet more erratic monthly price movement is to be expected given the unpredictability of the wider political landscape and the extreme spike in prices seen the previous month.
Much like our current position with the EU, the UK market isn’t quite sure whether it’s coming or going at the moment and this has been reflected in short-term price measures.
Although the number of mortgage approvals remains below pre-financial crisis levels, this isn’t necessarily a bad thing as the ease of obtaining a mortgage and the relaxed approach to providing them was part of the problem in the first place.
While we continue to see a consistent level of demand for mortgage products and the cost of borrowing remains low, the current market has been built on a more stringent lending foundation and as a result, we will continue to see buyer demand fuel positive house price growth in the long-term.”
You May Also Enjoy
Slight rise in house prices as market maintains strength
Industry Reacts to Bank Rate Cut
Rightmove reaction to Bank Rate cut
Zoopla crowns Glenrothes the most popular affordable town for families as one in three fear being priced out of their ideal area
UK government admits almost no evidence nature protections block development
