Average House Prices Rise
The Nationwide House Price Index is produced on a monthly basis. If you are involved in property development, you are likely to find the information contained therein of interest.
The index reveals that the average price of a home in the UK rose by 0.4% for the month of July 2015 reversing a downward performance of -0.2% seen in the previous month. The average price of a property in the UK is now £195,621. In the last 12 months, house prices have gone up by an average of 3.5%.
Robert Gardner, Chief Economist at the Nationwide, was encouraged by the outlook for the demand from consumers wishing to buy properties. This was helped by interest rates on mortgages still being low. However, what was not certain was whether the supply chain was able to catch up with the level of demand. Although the number of new homes being built is picking up their needs to be even greater increases in this respect if the housing market recovery is to continue on a long-term basis.
As a property developer, if you are not already, you may wish to grasp the potential opportunity to invest in the building of new homes. In this respect, you may well require development finance to assist with the funding of a development project. This could involve providing monies towards the purchase of land, groundwork and constructing the homes. You may also be interested in borrowing funds for renovating a property prior to sale such as an office block that you are looking to convert into flats.
You will be pleased to hear that there are many lenders offering development finance ranging from the major banks and building societies to more specialist commercial lenders. Commercial Mortgage Link can put you in touch with a specialist who can help you find and advice you about competitive finance packages from an extensive panel of lenders.