MAB comments on the ONS house price index and RICS residential market survey

Brian Murphy, head of lending at Mortgage Advice Bureau (MAB), comments on the latest rise in UK house prices from ONS and RICS residential market survey:

“House prices continued their climb in June, with ONS reporting an increase of 3.1% over the year compared with 2.9% in May. London’s exceptional growth of 8.1% reflects high demand for residential property in the capital from domestic and foreign purchasers, yet interest across all UK regions has remained strong.

“Despite concerns over long-term house price growth buyer confidence has surged across the country this month, with RICS reporting the greatest interest in the property market for four years. Brilliant fixed rate deals have boosted consumer confidence further as high street lenders continue to create waves with unprecedented offers.

“Government support and the Bank of England’s interest rate freeze have coaxed the market back into action. As lenders make the most of the generous funding available, the future continues to appear bright for homebuyers.”