Anyone looking to buy a house may wish to get the ball rolling to save themselves some cash, as house prices are increasing all the time.
Halifax’s latest House Price Index showed that property values in the UK grew by 1.4 per cent between September and October alone. This means a home worth £300,000 in September had risen in value to £304,200 in just a few weeks.
While this does not seem like a lot in comparison with the overall cost of the house, homebuyers risk their dream abode increasing in price all the time while they wait to put an offer in.
Martin Ellis, housing economist at Halifax, said while the annual house price growth of 5.2 per cent is not as high as the year’s peak of ten per cent in March, it still “remains robust”.
He noted that there was a slowdown as a result of affordability pressures among homebuyers, which has led to a decline in demand. However, this is offset with low mortgage rates and a lack of available properties to buy, which, Mr Ellis stated, “should help support price levels”.
According to the bank’s findings, the average value of a home in the UK was £217,411 in October 2016.
Earlier this summer, the Land Registry revealed properties in Yorkshire and The Humber grew in value by 3.8 per cent between May 2015 and 2016, demonstrating the continual rise in house prices throughout the country.
Estate agents like beercocks can help FTBs find and buy their first property with ease. We provide a free cost of moving appointment so you know how much you’ll need to budget for and we also provide free valuations of properties to help you make key decisions. Call us today to take advantage of our vast local knowledge.