The rate at which house prices in the UK are growing has increased for the second consecutive month, with the average price of property in the country now £225,109, according to the latest data from Halifax.
In the building society’s regular house price index, it revealed that the value of homes climbed by 1.4 per cent between July and September, compared to the previous quarter. This represents the fastest quarterly increase since February.
According to the index, house prices have climbed by four per cent in the past year, with a number of factors resulting in this growth.
Russell Galley, managing director at Halifax Community Bank, commented: “UK house prices continue to be supported by an ongoing shortage of properties for sale and solid growth in full-time employment.”
He did note that worries over affordability, as well as a growing squeeze on spending power, could see demand among prospective buyers slide in the coming months.
For first-time buyers (FTBs) the news of further house price rises isn’t welcome news. A survey released by Yorkshire Building Society earlier this month revealed that more young people than ever before expect to need help from their parents or other family members to get the money for a deposit together.
Halifax highlighted figures from the Bank of England, which showed that mortgage approvals for house purchases fell by 2.7 per cent in August compared to July, indicating that completed property transactions have dipped.
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.