Number of Home Purchase Mortgage Approvals Grows
House prices increased in September, according to the latest Nationwide report.
The building society found that the average price of a home purchased with a mortgage was £195,585, up from £195,279 in the previous month.
The price of a typical property in London is now £443,399 – more than three and a half times the price of an average home in the North of England.
Furthermore, the Bank of England (BoE) has reported that the amount of mortgage approvals for home purchase rose for the third consecutive month in August.
Last month, 71,030 mortgages were approved, compared to the average of 65,594 for the previous six months and up from 69,010 in July.
Remortgaging levels are continued to increase, with the number standing at 40,931 in August, up from the average of 35,811 over the last six months.
Additionally, the Mortgage Advice Bureau (MAB) said that in August, the amount of mortgage products grew to over 15,000 for the first time since the recession. There were 15,838 mortgage products on offer last month, up by 10% on July and the highest number since 2008.
Estate agent haart has analysed figures from its own 200 branches, finding that the average UK sold subject to contract price in August was £219,315. The typical first time buyer paid £169,259 for a home.
Both prices are higher than the same time last year, up by 7.3% and 9.9% respectively.
haart’s average London price was £507,096 during August, and it states the ratio of buyer demand to housing supply is 12.4 to 1.