Property prices continue to increase

(Last Updated On: June 24, 2016)

House prices in the UK out performed forecasts, as it continued to increase in May – with average property values surging 9.2% year on year according to Halifax.

 

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In the three months to May, the average home was worth £213,472 in the three months to May according to Halifax -1.4% higher than in the preceding three months, which was slightly below the 1.5% quarterly increase recorded in April and marked the lowest rate of quarterly growth since November 2015.

“Low interest rates, increasing employment and rising earning continue to support housing demand. The strength or demand, combined with very low supply, is causing house prices to rise at a brisk pace” said Martin Ellis, a housing economist at Halifax, adding increasing affordability issues, caused by a sustained period of house prices growing faster than earning should “result in some slowdown in house price growth as the year progresses.”

The study revealed that property prices in the UK have increase by an average of £1,268 over the last month and by £17,043 in the last year alone.

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Written by: The Team | On: June 8, 2016

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