6
Nov
UK HOUSE PRICES RISE NEARLY 10% YEAR-ON-YEAR
UK house prices increased by 1.1% between September and October
and are up 2.8% quarter on quarter and 9.7% year on year, the
latest property index shows.
According to the Halifax House Price Index this means that the
average house price in the UK is now over £200,000 at
£205,240 and the report says that house price optimism remains
high.
Martin Ellis, the Halifax’s housing economist pointed out
that house prices over the three months from August to October grew
by 2.8% and were higher than in the preceding three months and the
quarterly rate of change increased from September’s 2% and
was a little above the 2.5% average over the first nine months of
the year.
Confidence in the housing market remains high with some 68% of
Britons expecting average property prices to be higher in 12
months’ time and just 5% expecting it to be lower, according
to the latest quarterly Halifax Housing Market Confidence
Tracker.
‘Improving economic conditions and household finances,
together with sustained low mortgage rates, have boosted housing
demand during 2015. Strengthening demand is filtering through in to
higher sales levels although the on-going shortage of supply is
acting as a significant constraint on activity,’ said
Ellis.
‘The imbalance between supply and demand is likely to persist
over the coming months, maintaining upward pressure on house
prices,’ he added.