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House prices flat in July: MAB

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House prices were flat in July, according to data from Mortgage Advice Bureau.

The firm says the average residential purchase loan was £174,787, down 0.2 per cent from June 2017 and almost unchanged from £174,766 in July 2016.

In July 2017, 96 per cent of borrowers fixed their mortgage, the same as June 2017 and an increase on June 2016.

The average LTV was 70 per cent in July 2017, unchanged month-on-month and year-on-year.

The average applicant age was also unchanged month-on-month and year-on-year.

The typical remortgage was £175,489 in July 2017, flat month-on-month (£175,265) and a slight decrease from July 2016 (£178,770).

The average remortgage LTV was 54.5 per cent in July, up 0.3 per cent from June 2017 and down 0.6 per cent on July 2017.

Mortgage Advice Bureau head of lending Brian Murphy says: “Whether the current levels of growth in house prices are regarded as positive or negative, the ongoing market factors at play, for example low levels of properties coming to the market for sale combined with increasingly competitive rates being released by lenders and ongoing buyer confidence mean that the fundamentals are in place to sustain the current direction of travel for the UK housing market over the coming months.”

The MAB figures are based on mortgage applications received by the firm’s advisers.

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