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UK house prices declined by 0.2% in January, but are 0.6% higher than one year ago with the price of a typical home now £162,228. Read the full January report or watch the video of Robert Gardner, Nationwide’s Chief Economist, talking about January’s House Price Index.
Martyn Dyson, Head of Mortgages at Nationwide, features in January's economic tracker to discuss the mortgage market in 2012. Topics covered include increased competition in the 90% LTV market, and the good news this brings for first time buyers.
During December we took a higher number of calls than usual in our service centres, as we looked to ensure your urgent cases completed before Christmas. As a result, we weren’t able to answer your calls as quickly as normal and the average call time increased.
House prices declined by 0.2% in December, but increased by 1% in 2011 as a whole; with the price of a typical home now at £163,822. London saw the strongest growth in 2011, but there was less regional variation in house prices compared with previous years.
With effect from Thursday 2 February 2012, we'll be making some changes to our product range. 2 year fixed rates from 0-90% LTV will increase by 0.20% , 3 & 5 year fixed rates from 0-90% LTV will increase by 0.10%, 2 & 3 year tracker rates will increase by 0.10% and equivalent remortgage products will be increased by a further 0.10%.
With effect from Wednesday 25 January 2012, we'll be making some changes to our product range including increases on 2, 3 and 5 year fixed rates up to 85% LTV, 3 and 5 year fixed rates between 85% and 90% and 2 and 3 year tracker rates. Our 2 year fixed rates at 90% LTV will remain unchanged.
From Thursday 12 January 2012, we'll be making further improvements to our 90% LTV product range. We'll be extending the range to include 2 year fixed rates, available for First Time Buyers and House Purchase. We'll also be making changes to other selected fixed and tracker rates.
UK house prices continue to creep up in November, increasing by 0.4%, leaving the price of a typical home at 1.6% higher than one year ago. You can read the full report and watch the video by following the link below.
