The latest house-price index from the Halifax suggests growth has peaked and will start easing throughout the rest of the year. The average price of a UK home rose by 0.6 per cent in September up 9.6 per cent on the year but lower than the 10.2 per cent seen in July.
Bien Media client Adrian Anderson of mortgage broker Anderson Harris (www.andersonharris.co.uk), says: ‘The increased difficulty in getting a mortgage is playing a part in constraining the market so borrowers looking for a loan should take independent mortgage advice.
‘While interest rates could start edging up slowly from next year, those who lock into a fixed rate will give themselves some certainty. However, it is important not to fix for longer than you are absolutely sure about as you may have to pay a hefty early repayment charge to exit the mortgage before the end of the fixed period.’