Property buyers who have got an offer on a house will be keen to get the sale through as quickly as possible, after recent figures showed prices are finally beginning to fall.
While this is good news for those who have not yet found their dream abode, people who are in the middle of a sale, whether they are buying or selling, will not want this to affect their transaction.
According to Nationwide, property values were typically £272,259 in September, which is slightly below the £273,751 they were in August.
The figures also represent the first time a sequential rise has not been recorded since July 2021, as well as the first incidence where annual growth, at 9.5 per cent, has dipped below ten per cent in over a year.
Chief economist at Nationwide Robert Gardner also noted: “There have been further signs of a slowdown in the market over the past month, with the number of mortgages approved for house purchase remaining below pre-pandemic levels and surveyors reporting a decline in new buyer enquiries.”
Despite this, he reassured buyers and sellers: “The slowdown to date has been modest.”
This is likely the result of a shortage of houses on the market, which has helped to support house prices.
The government’s recent decision to reduce stamp duty costs is also likely to encourage more people back to the market, increasing demand and keeping values buoyant.
However, this is countered by soaring mortgage rates. Moneyfacts revealed that the interest rate on a typical two-year fixed-rate home loan is 6.07 per cent, which is the highest it has been in 14 years, BBC News reported.
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