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4 Jul 2020

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Mortgage insurance likely to benefit from house value increases

House prices continued to rise in July as confidence returns to the property market, which is likely to lead to an increase in the take-up of mortgage insurance.

The latest data from the Halifax House Price Index shows that house values registered an average increase of 1.1 per cent, the second rise in the last three months.

Confidence seems to be increasing because the three months to July recorded a figure 0.8 per cent higher than the previous quarter and overall prices have fallen by less than one per cent.

Nationwide housing economist Martin Ellis explained that "demand for homes has risen, albeit from a very low base, since the start of the year, driven by improvements in affordability and low interest rates".

"Higher demand has combined with the low levels of property available for sale to boost sales activity from exceptionally low levels and support prices over the past few months."

Those getting new house purchase loans are advised to ensure they take out mortgage insurance to guarantee a source of finance that can cover the remainder of the loan should they pass away.

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Mortgage insurance likely to benefit from house value increases