Following the publication of the UK House Price Index summary for August 2024, which identified a monthly “price change for a property in the UK” of 1.5 per cent, Rachael Hunnisett, director of mortgage distribution at April Mortgages, has shared her analysis.
Ms Hunnisett said: “The UK housing market is warming up.
“Cost of borrowing is beginning to decrease which is stimulating the housing market and that is evident in this strong data.
“Buyers have returned to the market as the squeeze on household incomes has eased and mortgage rates have improved.
“However, affordability remains an issue for borrowers.
“Although inflation has fallen, households’ essential spending is higher than it once was and it’s proving harder for some borrowers to demonstrate their ability to meet mortgage repayments.
“In a volatile economic climate, borrowers should weigh up their own attitude to risk, balancing short-term refinancing against long-term financial security.”
