The average price of a UK home has experienced double-digit growth over the last year, according to the latest figures, which may be a boost for people looking to find a remortgage deal.
Statistics from financial services provider Nationwide for its latest house price report show that the cost of a property increased by 10.2 per cent in the 12 months up to February 2007 - a 0.9 per cent rise on the previous month.
The results mean that the average price of a home has now increased from £173,225 in January to £174,706 in February.
On top of this, Fionnuala Earley, chief economist at the financial services specialist, suggested that mortgage holders may find a lack of housing keeps prices on an upward trend.
"The supply of properties coming onto the market remains low," she said.
"This lack of supply will mean that house price inflation will remain firm for a while longer."
Typically, rising house prices represent good news for people looking to find a remortgage deal.
Remortgaging involves arranging a second larger mortgage to repay the first home loan, while also providing additional funds to complete activities such as renovating a property or paying off credit card debts.
House price inflation figures may interest people looking to find a remortage
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House price inflation figures may interest people looking to find a remortage
Thu, 01 Mar 2007
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