14 October 2015

Demand still on the increase but price rise slows

The latest Halifax House Price Index has shown that the price increases seen in recent times are beginning to slow.

In the 3 months up to September prices showed an 8.6% increase compared to the same period last year and are showing and are showing a 9.9% increase in the 3 months to August.
However, prices fell a little between August and September with the average house price now standing at £202,859.

Martin Ellis, Halifax housing economist, saw no reason for pessimism though as demand is on the increase and he expects prices to carry on increasing.  He recently stated “Housing demand has been strengthening recently, underpinned by economic growth, rising real earnings and very low mortgage rates.

“Increasing demand is combining with very low growth. There is little reason to expect any fundamental shift in the key market drivers over the coming months.”

Separate research showed that detached houses and bungalows had shown the slowest growth in value over the past decade at 21% and 28% respectively while flats have shown the greatest increase at an impressive 60%.

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