Mortgage Advice Bureau spokesperson Oliver Dack said more remortgage borrowers have sought advice in recent months, adding lenders are “still actively looking to extend loans.”
Activity softens
Bank of England figures showed 54,900 mortgage approvals for house purchase in August, the lowest since December 2023. Lloyds said that was 16.0% below a year earlier.
The Royal Institution of Chartered Surveyors (RICS) said Thursday that a net balance of 22% of professionals reported falling new buyer enquiries in September, a weaker reading than August. It cited a renewed rise in interest rate expectations as a “fresh headwind.” Its house price balance fell to -32 from -28, Reuters reported.
Regions
Northern Ireland led annual growth at 7.4%, up from 6.8%, with its average price at a record £231,917. Scotland rose 3.4% to £223,330, and Wales 1.2% to £231,287. In England, the North East gained 2.4% and the North West 1.9%. Greater London fell 2.2% to £531,548, followed by the South East at -2.1% (£380,829) and Eastern England at -1.6% (£330,151).
Budget in focus
Chancellor John Healey will deliver the Autumn Budget on Oct. 28. The Government announced its Your First Home scheme in late September, offering first-time buyers of new-build homes in England from participating developers a 2.5% deposit and a 20% equity loan, with details due at the Budget. Lloyds said the average first-time buyer price was £236,779 in September, below February’s record of £241,244.
