After uncertainty caused by the general election, average UK house prices have now beaten the last peak of £199,612.00 which we saw during the economic boom of August 2007.
The latest data from the Halifax revealed that the value of a residential property in the UK rose for the fourth consecutive month by 1.7pc from May to June to £200,280.00 suggesting that buyers’ confidence has returned after the election. The figures for the first half of 2015 prior to the election reflected a slow overall housing market.
In addition, the Halifax figures suggest that increases are occurring across all regions, and are not limited to the usual property hot spots such as London and the south east.
Both the Halifax and Nationwide reports identify the fact that available housing stock is at record low levels. Martin Ellis, Halifax’s Chief Analyst says “economic growth, higher employment, increasing real earnings growth and very low mortgage rates are all supporting housing demand with signs of a recent modest pick-up in demand.”
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