The Halifax house price index shows that the average house price in the UK had fallen for the first time since June 2021 by 0.1% in July. The average house now costs around £293,221. For first-time buyers, the price of a house is still somewhat out of reach which is why longer mortgage terms are being offered.
According to Aaron Strutt, of Trinity Financial, a broker, a buyer's monthly mortgage of £2000 would drop to £1547 with a 40-year term mortgage as opposed to a 25-year one. Read the article by Melissa Lawford
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