The latest house price figures released by the Nationwide, Britain’s largest Building Society, highlights how property price increases continue to trickle upwards in most regions of the UK, with London and the South East falling a little behind the national average. According to the lender’s Quarterly Regional House Price Index; “UK annual house price growth almost ground to a halt in September, at just 0.2%.” This marks the tenth month in a row in which annual price growth has been below 1%.
This quarter’s findings were explained by Robert Gardner, Nationwide’s Chief Economist; “Indicators of UK economic activity have been fairly volatile in recent quarters, but the underlying pace of growth appears to have slowed as a result of weaker global growth and an intensification of Brexit uncertainty. However, the slowdown has centred on business investment – household spending has been more resilient, supported by steady gains in employment and real earnings… London was the weakest performing region in Q3, closely followed by the surrounding Outer Metropolitan region, with annual price declines of 1.7% and 1.5% respectively.”
According to a recent Financial Times property feature on Teddington, our town had avoided the the property price falls seen in central London, reporting; “Last year, the average second-hand sales price in Teddington hit £743,550, according to Land Registry data analysed by Hamptons International, almost exactly the same price as in 2017. In the first half of this year, however, prices appear to have dropped a little. Provisional data from the Land Registry show a 2.5 per cent decline on 2018 figures.”
The FT went on to say; “Comparisons with busier, more metropolitan, towns such as Richmond and Putney may not be exact, however, the findings make interesting reading; “At £717 per sq ft, last year’s (Teddington) average sale price was 5 per cent cheaper than Twickenham (£753), 6 per cent below Putney (£760) and 22 per cent cheaper than neighbouring Richmond (£924), according to Hamptons International.”
Here at The Financial Planning Group we are finding that the combination of low interest rates and economic uncertainty has led to many of our customers remortgaging to fix their monthly outgoings for the medium term – and our experience in finding the perfect, bespoke, mortgage deal to fit the exact circumstances of our local residents brings them real peace of mind.
Steve Padgham, head of mortgages at FPG, said; “As well as having the lowest rate deals at our fingertips we can also reserve mortgages that will remain available for the next six months, which provides real peace of mind. And, if better deals emerge within that period, clients can switch to those instead – it’s a real no-brainer. Regular communication with our clients is something our company is proud to offer, and it is that personable approach that, over time, will save them and there families money.”