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Posted on June 17th 2015 by admin-movingin

Mortgages for house purchase down 10% in a year

Monthly lending for house purchase in April was 10% down on the same month last year.

Lending to first-time buyers declined on both a monthly and an annual basis, by 3% and 8% respectively, while lending to home movers was the same as in March, but also down 8% yearly.

Buy-to-let lending for house purchase was up 22% on an annual basis, but 8% down on the month.

In other new data from the Office for National Statistics, UK house price inflation was 5.5% in the year to April.

The average UK “mid-adjusted” house price in April was £271,000.

However, the average masks huge regional variations, with the average price in England standing at £284,000; £169,000 in Wales; £147,000 in Northern Ireland; and £191,000 in Scotland.

Within England, the average London house price was £493,000 in April, compared with the average of £155,000 in the north-east.

Excluding London and the south-east, the average UK house price was £208,000.