House prices shows ‘little change in 2005’
The average mortgage value completed by Moneyextra customers in December 2005 was £143,643.48, up 14.74% on the same figure 12 months earlier.
The increase in mortgage values occurred against a background of broadly static house prices. The average property value being searched on Moneyextra in December was £207,850, up just 1.25% on last year. However, that figure conceals wide variations in performance across the market.
Property values being searched against by first time buyers rose by 8.59% to £165,779 but property values being searched by those people looking to move actually fell back over the course of the year by more than £4,000 to £244,771.
The average mortgage being sought in December on Moneyextra’s website was £127,3801, down 0.45% on the month. The values of mortgages being sought by movers and remortgagers fell while the value being sought by first time buyers rose 2.06% on the month to £135,116.
According to Moneyextra research, the most popular mortgage lender in December and throughout 2005 was Nationwide Building Society. However, unlike previous years when mutual lenders dominated the tables, Nationwide was the only mutual lender in the top ten for the month and one of only two to appear in the top ten for the year.