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
- Home-owner and buy-to-let remortgage lending running at strongest level since 2009
- Change in stamp duty on second properties weakens buy-to-let house purchase lending
- First-time buyers borrowed £4.5bn, down 8% on September and 2% on October last year
UK UNEMPLOYMENT FIGURES
- There were 31.76 million people in work
- Unemployment falls by 103,000 people compared with one year previously
- There are 8.91 million people who are economically inactive
HOUSE PRICES HEADLINE STATISTICS
- Annual house price rise 6.9%
- Average house price stands at £216,674
- Average London property price now £474,475, down 1.2% on the month