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Annual Price Growth Picks up in August

Sep 08, 2017

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House prices are up 2.6% from June to August this year, compared with the same three months in 2016, according to the latest Halifax House Price Index.

Figures show that house prices in the last three months were 0.1% higher than in the previous three months and house price growth has edged up for the first time since March.

The average house price is now £222,293 – up from £211,719 in August 2016 and home sales continue to exceed 100,000 a month. Between June and July, home sales edged up to 104,760 – the highest monthly level since March 2016.

Russell Galley, Managing Director, Halifax Community Bank, said: “Recent figures for mortgage approvals suggest some buoyancy may be returning, possibly on the back of strong recent employment growth, with the unemployment rate falling to a 42 year low. However, wage growth is still lagging increases in consumer prices, which is likely to add pressure on household finances and increase affordability challenges for some buyers.

“House prices should continue to be supported by low mortgage rates and a continuing shortage of properties for sale over the coming months.” 

Original Source - https://static.halifax.co.uk/assets/pdf/mortgages/pdf/House-Price-Index-August-2017.pdf

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