Last month there was news that mortgage lending was on the up tempting political commentators to talk of a turn around in the housing market, news in the Mortgage Finance Gazette paints a slightly less rosy picture. The speed at which house prices are going up has slowed to a two year low. This has been a continuing trend for the last 12 months.
While the slow down is good news for first time buyers unfortunately house prices are still high by historical standards so it will take a considerable slow down to make any real difference to those in the south of England were house prices are still out of reach of most ordinary workers.
House price growth has slowed down to a two-year low in July 2015, according to the latest ONS figures.