Here is a summary of the key changes and announcements in the mortgage market for this week.

·      UK House price growth is at its lowest level for a year with a month on month increase for December of 0.2%. Across the UK, December marks the fourth consecutive month where house price growth has fallen. The 7.2% annual growth is the lowest since November 2013. The slowing of the London market is one factor for this but with Q4 growth at 17.8%, the capital continues to outpace the rest of the UK.

·      As House price growth falls, so has mortgage approvals. November’s figures from the British Bankers Association show a drop of 22% from 76,920 in Nov 2013 to 60,071 in Nov 2014. This totalled £9bn in approvals, down from £11.1bn a year ago.

·      A survey of estate agents showed that there was a 15% increase in buyer enquiries the day after the Stamp Duty announcement in the Autumn Statement and that there has been a balancing of the first time buyer and “new” buyer enquiries. On average, in London, there are 17.4 buyers chasing each property instruction.    

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