House consumers in London and the south of England are benefitting most from improved affordability in comparison with final yr.
In London, the place common asking costs at the moment are 1.1% decrease than presently final yr, somebody buying a house on the common asking worth may save £181 on a month-to-month mortgage.
In the South East it’s £120 per thirty days, and within the South West it’s £106 per thirty days. This is in keeping with the newest knowledge from Rightmove.
By distinction consumers in Scotland are solely paying a median of £23 much less on a month-to-month mortgage with costs having risen by 2.6%.
Across the UK, the typical month-to-month mortgage fee is now £84 decrease than a yr in the past: £1,506 per thirty days, versus £1,590 per thirty days final yr, an £84 drop. And the typical asking worth for a house is £370,257.
The common two-year mounted mortgage charge has lowered from 4.99% presently final yr, to 4.53% now
Rightmove’s evaluation is predicated on consumers buying a house on the common asking worth, with a two-year mounted mortgage charge, and spreading the price of the mortgage over 30 years.
Commenting on the newest figures Rightmove property skilled Colleen Babcock stated: “Competition amongst sellers to discover a purchaser is extra heated in London and the south of England, whereas greater stamp responsibility charges have hit these areas tougher, each contributing to decrease asking costs in comparison with final yr.”
She added: “The end result for consumers is improved affordability when mixed with decrease mortgage charges, and the upper charge of agreed gross sales in comparison with final yr suggests many are taking benefit.
“However, it’s nonetheless far more costly to buy a house in London and the south of England in comparison with different areas of Great Britain, so affordability continues to be stretched regardless of the rise in buying energy.”
