Housing market hits record in October

House in England and Wales prHousing-Market-Up-UKices rose at a very fast annual rate for six months in October, wherein prices are hiked up by £2,500 in October which equals to £80 a day. October remains as great time for first time buyers also. Surveys show, this has been the highest October for house purchase lending in seven years. This is the fastest annual rate of house price growth since April 2015, while it represents an increase from 4.7% in September and also confirms that the housing market is in good move, but will also increase concerns that prices are rising very quickly as mortgage rates stays low.

Expert says: “House prices this October has sprung back into life, prices across England and Wales are now 5.2% higher than a year ago, which being fastest annual rise in house prices recorded for six months, taking property values to a new high. The overall house purchase lending approvals reached 72,409 in October, the most in any October since 2008. The increased numbers of approvals are mainly due to the improving mortgage borrowers.”

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