According to the Nationwide Building Society, the prices of the house in the UK saw an increase in May, reversing last month’s decline.
The average property price climbed 0.5% month-to-month, leading to the price of Britain’s house to £ 273,427. It follows a decrease of 0.6% in April.
Announced annually, increased by 3.5% in May, slightly higher than 3.4% recorded in April. The nationwide noted the underlying conditions for buyers as a factor in growth.
Robert Gardner, nationwide Chief Economist, said: “Despite the country’s mass economic uncertainty in the global economy, the underlying status for potential home buyers in the UK remains assistant.”
A stamp duty holiday in March ended, recent data shows that there was a stampede to get sales on the line before the deadline, followed by a transaction dip.
HM Revenue & Customs (HMRC) Data published last week showed that 64,680 houses were sold in April – 64% less than the 177,440 reported in March.
The study indicated that the figures were affected by the change in duty rates that are applicable England And Northern Ireland.
The outline of the underlying conditions that can be positive for home buyers, Mr. Gardner said: “Unemployment Low is low, earning is increasing at a healthy speed, domestic balance sheets are strong and the cost of borrowing is likely to be slightly lower (if (if (if Bank of England Base rate) In the upcoming quarters we expect most analysts. ,
Ian McKenzie, Chief Executive Officer of Guild of Property Professionals, said: “After the increase in transactions earlier this year, a deadline of stamp duty, operated from the deadline, was expected to fall from April. Suggestions optimism for the half. “
Jason TebB, president of Onthemarket, said: “Even though a large number of buyers have brought forward transactions to take advantage of the stamp duty concession before ending in March, there is still a lot of activity in the market, now incentive is no longer available.”
He said: “Lenders have been trimming mortgage rates in recent weeks and reducing the criteria, which should help give to buyers who rely on the wigley room.”
Ellis Hen, a personal finance analyst at Bestinavest by Evelyn Partners, said: “The traditional bounce in the listing at this time of the year is a positive buyer, can take advantage of this, as it increases the capacity of heavy conversations at the price to choose a wider stock of homes.”
Tom Bill, Head of UK residential research Night frank Said: “There are temporary signs of speed in the UK Housing Market after a slowdown in activity in April, which is caused by high rates of stamp duty, but prices do not feel the possibility of a dramatic rebound.
“Inflation and concerns about the government’s financial headroom means that the mortgage rates are not ready to leave the rates meaningfully. Buyers have a lot of properties to choose from this spring, which we expect to put pressure down on prices in the short term.”
David JohnsonProperty Consultancy Inhouses Managing Director, said: “The buyer’s demand was raised immediately after the bank’s holiday and remained strong in May.”
Karen Noy, a hostage expert at the wealth manager quulter, said: “The mortgage rates continue to improve, which means more buyers are getting confidence to enter the market.
“Although lenders have begun to reduce rates, many borrowers are still facing high monthly costs, as they had a few years ago, especially coming from ultra-lo fixed deals. Strength tension testing is also a barrier, the lenders have continued to take care of especially for small deposits or convertible income.
“Some existing borrowers are resorting to extension or interest-level system to reduce the pressure on the monthly budget, but these do not occur long-term improvements and often result in high overall repayment costs.
“The inherent issue is that property prices are corresponding to average income, especially in Southern England, and this mismatch is limiting how far the market can spread.
“Further, if the interest rates fall further, we can see the increase in the price of the house ahead, but with the ongoing economic uncertainty, many people can decide to catch the movers until the approach is clear. The market is still navigating a complex landscape.”