Our monthly property market review is intended to provide background to recent developments in the property markets as well as to give an indication of how some key issues could impact in the future.
Overview
MORTGAGE ACTIVITY
- First-time buyers borrowed £4.9bn in the period, up 29% on Feb and 9% on March
- Lending growth continues to be driven by remortgage activity and first-time buyers
- First-time buyer numbers reached 342,000 in the last 12 months, higher than for any peiod over the last 9 years
UK UNEMPLOYMENT FIGURES
- Unemployment rate at 4.6% down from 5.1% last year
- There were 8.83 million people aged from 16 to 64 economically inactive
HOUSE PRICES HEADLINE STATISTICS
- Average house price stands at £215,848
- Semi-detached houses saw highest annual property price rise at 5.3% (Mar 16 – Mar 17)
- Estate agent stock levels fell to a new low in March