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New asking prices drop exactly in line with usual seasonal trend, says Rightmove

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The Brexit vote does not seemed to have exacerbated the usual summer listings lull, Rightmove data shows.

Figures from the property portal’s latest house price index show that new listing prices fell 1.2% on average to £304,222 during August, in line with the usual seasonal drop over the past six years.

The portal said 2016 could be a year of two halves with the first characterised by the Stamp Duty rush and the EU referendum, while the next six months could be boosted if there is an autumn rebound.

Annually, the figures show growth has slowed from 4.5% to 4.1%.

Second steppers have seen the biggest annual growth, with new listings up 6% to £257,495, but that is down 0.4% on July.

First-time ... Continue Reading >>

 

Building Society Approvals Up 20%

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Building society approvals rose 20% in the second quarter, according to new figures from trade body the Building Societies Association.

Its members approved 118,600 mortgages in the second quarter, up from 98,300 in the same period of 2015, and up 8% from the 109,800 mortgages approved in the first quarter.

The BSA said: “The figures show that societies maintained their strong mortgage market share, following the surge in transactions in the previous quarter to beat the change in Stamp Duty at the start of April.

“During the second quarter, activity may also have been affected by the EU referendum at the end of June.”

BSA chief economist Andrew Gall added: “It remains ... Continue Reading >>