Mortgage Rates are Rising, Nick Millican Discusses

As Nick Millican explains, home prices are rising in London but mortgage approvals are dropping, so, what is actually going on? In the last month home prices have risen by about 0.9%, which means that the average cost of a home has gone up over the past few months.

In October, the average cost of a home in the UK was 259,423 pounds. Currently, the home mortgage approval rate has also dropped. Nick Millican adds that the average number of home mortgages that have been approved for the month of October was only about 43,300.

This was down by about 30% from previous months. Though, as the real agent states, this might make it seem like the housing market is starting to flounder and starting to drop, this is not necessarily the case. For Nick Millican, this has been the norm so far.

Real Estate expert, Nick Millican, knows that there is still life in the market and there is still tons of potential when it comes to the market coming back. One of the main reasons for the drop in mortgage approvals is the rise in the overall mortgage rates and the inflation that goes along with it.

It is important that if you are working to get a mortgage or you are working to purchase a home in any sort of market, that you get the best overall agent and the best home and mortgage for you. As Nick Millican finally states, making the time to find a great agent can make all the difference and can help you to get the home you are going to love and the mortgage that you are going to be able to manage.