UK house prices hit record highs

UK house prices hit record highs

The latest House Price Index from Halifax shows that the average UK house price has reached an all-time high, now sitting at £230,280, up 3.3% annually.

Russell Galley, Managing Director at Halifax, commented on the data: ‘House prices picked up in July, with the annual rate of growth rising from 1.8% in June to 3.3% in July, the largest increase since last November.’

He added: ‘The average house price is now £230,280, the highest on record. House prices in the three months to July were 1.3% higher than in the previous quarter, the fastest quarterly increase, again, since November.’

As well as revealing the increase in house prices, the report also highlighted a steady housing market which has remained fairly even over the last 12 months. Data showed that although property sales fell by 3% in June, prior to this they were stable for five months – a sign of a robust market when you take into account external factors such as an uncertain political landscape.

Additionally Halifax notes that new instructions, which had been dropping consecutively for the last two years or so, actually increased over May and June. This spike in activity is matched by news that the number of house sales completing remains strong, with the Bank of England reporting that the number of mortgages approved to finance house purchases increased by 1.4% between May and June to 65,619 (the second highest monthly level reported so far in 2018). This indicates a healthy turnover in new listings and completed sales which is fundamental to maintaining a healthy housing market.

This market roundup should make for comfortable reading for those invested, or thinking of investing in the UK property market. Although the figures can be considered modest, we would argue that this is good news for the housing market which relies on measured growth and property owners should be confident in the current performance of the market.

House price rises mean increased revenue for investors, whilst stable sales and increased listings are resulting in a competitive and buoyant market, perfect for those looking to sell on investments. If you’re looking to make the most of rising house prices and are thinking of selling a property, why not try our instant valuation tool to find out how much you could make on your next sale?

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