Video transcriptHouse prices are continuing to go up, increasing the need for purchasers to head to a mortgage lender or a mortgage broker to help them get the most reasonable mortgage for their circumstances.
Halifax has shown that prices rose by 2.4 per cent during February, making for a 7.9 per cent jump compared to the same month in 2013. In monetary terms, the average cost is just shy of £180,000 (£179,872), a whopping £16,000 more than a year before.
The lender`s Stephen Noakes remarks that "several factors appear to have boosted demand, such as the improved economic outlook, unemployment falling faster than expected, improvements in consumer confidence and low interest rates".
The improving conditions have also led to a greater number of house sales, which has also contributed to the increase in prices. Halifax`s figures show that sales rose for the ninth month in a row during January, while approved mortgages had shot up 42 per cent year-on-year.
However, Mr Noakes adds that household finances are still tight as earnings fail to keep pace with inflation, meaning that people could end up having less disposable income in real terms.
Because of that, it`s vital to ensure you get the most suitable mortgage for your circumstances, coming to a mortgage broker like first choice finance may give you some other options on which mortgage lender to use and we will give you advice and recommend a mortgage to you from our panel.
They provide a free illustration and a quote without obligation on a no offer no fees basis, so that you don`t have to accept it unless you are happy. Discover more at firstchoicefinance.co.uk or by ringing in to our adviser team, its 0800 298 3000 from a landline or 0333 003 1505 from your mobile.
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