Post Office Money comments on UK House Price Index issued today
Chrysanthy Pispinis, from Post Office Money, comments on the UK House Price Index issued today (14 November 2018) by HM Land Registry.
“House price growth is slowing across the UK, particularly in the South; a trend we expect to continue while the market remains uncertain. This slowdown presents a window of opportunity for first-time buyers (FTBs) as changes made such as tax incentives and product innovations have supported more buyers to enter the market; in the last year alone for instance, we’ve seen successful FTBs increase by 12%1. Increased housing supply, which has supported affordability and more ‘deposit-free’ mortgage options, has helped one in 10 new buyers to get on the ladder1. Other changes, such as the abolition of stamp duty for properties up to £300,000, have helped the average FTB save over £2,000.2These savings can make a huge difference to FTBs’ ability to effectively plan and budget for the full costs associated with moving, which are often underestimated by 80% of buyers2.”
1 Research taken from Post Office Money’s This Is My Home study (incorporating data from the Office for National Statistics), carried out by Opinium in August 2018
2Research taken from Post Office Money’s Cost of Buying & Moving study carried out by CEBR in October 2018
Kindly shared by Post Office Money