On 7th November, Halifax reported that house prices across the country have risen by an average of 4.5% in October compared to October 2016, up from a 4% rise from September 2016 to September 2017 – this fast rise since February. This means that the average UK house price in October stood at £225,826.
Russell Galley, Managing Director, Halifax Community Bank, said:
“The annual rate of growth has continued to rise for the third month in succession, rising from 4.0% in September to 4.5% in October. The average house price is now £225,826 – exceeding last month’s previous high. House prices in the three months to October were 2.3% higher than in the previous quarter, the fastest quarterly increase since January.
“The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, continues to support house prices and is likely to do so over the coming months. Increasing pressure on household finances and continuing affordability concerns are some of the factors likely to dampen buyer demand. That said we do not anticipate the Base Rate rise will be a barrier to buying a house.”
Source: http://www.bbc.co.uk/news/business-41898943
http://static.halifax.co.uk/assets/pdf/mortgages/pdf/October-2017-House-Price-Index.pdf
Halifax report UK house prices rising “strongly” Cambridge Mortgage Broker
