Slight rise in house prices as market maintains strength
Halifax House Price Index
• House prices increased by +0.3% in April vs -0.5% in March
• Average property price now £297,781 compared to £296,899 in previous month
• Annual rate of growth at +3.2% up from +2.9% in March
• House prices remarkably stable over last six months, down by just £48
• Northern Ireland, Wales and Scotland see strongest annual price growth
Amanda Bryden, Head of Mortgages, Halifax, said:
“UK house prices rose by +0.3% in March, an increase of just under £900. The annual growth rate also ticked up to +3.2%, reaching its highest level so far this year. The typical UK property is now valued at £297,781. “We know the stamp duty changes prompted a surge in transactions in the early part of this year, as buyers rushed to beat the tax-rise deadline. However, this didn’t lead to a significant increase in property prices, with the last six months characterised by a stability in prices rarely seen since the pandemic. While the market has cooled slightly since this rush, buyer activity remains strong in comparison to recent years.
“Mortgage rates have continued to fall, with most lenders now offering rates below 4%. Coupled with positive earnings growth that has outpaced broader inflation, these factors have helped to steadily improve affordability for many buyers. “Overall, the market continues to show resilience despite a subdued economic environment and risks from geopolitical developments. There is likely to be a bump-up in consumer price inflation as household bills increase, but with further base rate cuts also expected, we anticipate a similar trend of modest price growth this year.”
You May Also Enjoy
Homebuyers saving over £4,000 in SDLT despite increase
Industry reacts to latest Gov HousePrice Index
Renter’s Rights Bill pet u-turn creates more questions than answers
Landlords See Higher Net Returns
London lettings market gains momentum in June
