People planning to take out a secured loan against the value of their property may be pleased to learn that the latest rolling quarterly data continues to highlight an upturn in the average value of homes across the UK.
Secured loans remain a popular choice for individuals hoping to achieve better rates on their borrowings than by taking out a personal loan.
In many instances, the secured element of the loan will be the equity held in a person`s home. It is therefore positive news for many borrowers that average prices continue to increase across many parts of the country at present.
According to the latest three month house price monitor from Halifax for September to the end of November in 2015, the rolling quarter saw a 1.4 per cent rise in average UK property values against the preceding three month period.
At the same time, annual property price growth in November stood at nine per cent, despite the fact the market underwent a 0.2 per cent dip from October this year.
As a result, the average UK house price at the end of November 2015 stood at just over £204,000.
Commenting on the findings, Halifax housing economist Martin Ellis stated that improving economic performance, coupled with growth in real earnings and an ongoing low interest rate environment, continue to provide strong impetus for price growth across the UK.
He said that ‘an acute imbalance ‘ between supply and demand is causing values to rise at a ‘robust pace ‘ and it is a situation that appears unlikely to change anytime in the near future.
Further price rises have therefore been forecast for the coming months.
A significant number of people have chosen to take out secured loans in recent years. However, given the turbulent economic conditions that have been prevalent across the financial sector, this has meant many lenders have tightened their criteria on which they make lending decisions.
All those planning to take out a secured loan, also known as a second mortgage, against the equity held in their home should therefore remember the importance of keeping up with repayments, as a failure to do so could lead them to financial difficulties in the future and the prospect of losing their home as with any repayment mortgage or loan secured on your home.
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