Average mortgage value falls in July

Data from Moneyextra.com shows the average property value in July was £218,033, a 4.65% decrease on the previous month and up just 1.63% on an annual basis. The average mortgage amount sought by first time buyers also fell to £132,699, from a peak of £145,173 in April, the lowest level since January 2006. The value of mortgages actually complete by Moneyextra.com’s customers was £151,488 in July, down from a high of £166,732 in May. Robin Amlôt, senior editor of Moneyextra.com, comments: “The reason it’s taken so long for the housing market to reflect the higher cost of borrowing is the ...