Rolling coverage of the latest economic and financial news, as annual UK house price growth returns to positive territory for first time in over a year in February
Karen Noye, mortgage expert at Quilter, points out that some lenders – including Nationwide – have recently been raising their mortgage rates.
They’ve been tracking the increase in borrowing costs in the market, she explains:
“The latest Nationwide house price index shows the housing market continued its positive start to the year in February, with annual house price growth up 1.2%, the first sign of positive annual growth since January 2023, while on a monthly basis prices rose 0.7%.
“Lower mortgage rates at the start of the year appear to have spurred some buyers back to the market which has buoyed prices, but more recently we have seen a further uptick in rates as swap rates have risen so this could be relatively short lived. Just last week, lenders including Nationwide, NatWest, Santander and HSBC all made the decision to increase their rates.
“It’s a bounceback, not a blip. Nationwide’s data shows house prices have risen in four out of the past five months, and the upward momentum is now so strong that prices have climbed 1.2% compared to this time last year.
“Crucially the market has also become more free-flowing. For sale signs are starting to sprout from homes across the country, and estate agents report a steady uptick in interest from both buyers and sellers.
Continue reading…Rolling coverage of the latest economic and financial news, as annual UK house price growth returns to positive territory for first time in over a year in FebruaryUK house prices rose 1.2% annually last monthKaren Noye, mortgage expert at Quilter, points out that some lenders – including Nationwide – have recently been raising their mortgage rates.They’ve been tracking the increase in borrowing costs in the market, she explains:“The latest Nationwide house price index shows the housing market continued its positive start to the year in February, with annual house price growth up 1.2%, the first sign of positive annual growth since January 2023, while on a monthly basis prices rose 0.7%.“Lower mortgage rates at the start of the year appear to have spurred some buyers back to the market which has buoyed prices, but more recently we have seen a further uptick in rates as swap rates have risen so this could be relatively short lived. Just last week, lenders including Nationwide, NatWest, Santander and HSBC all made the decision to increase their rates.“It’s a bounceback, not a blip. Nationwide’s data shows house prices have risen in four out of the past five months, and the upward momentum is now so strong that prices have climbed 1.2% compared to this time last year.“Crucially the market has also become more free-flowing. For sale signs are starting to sprout from homes across the country, and estate agents report a steady uptick in interest from both buyers and sellers. Continue reading…
