Despite a recent interest rate increase and the mounting cost of living, average house prices in the UK have hit another record high!
Monthly house prices grew 1.1% in April pushing the average UK house price up to a record high of £286,079. It is also reported that the imbalance between supply and demand persists, with an insufficient number of new properties coming onto the market to meet the needs of prospective buyers and strong competition to secure properties, with the suggestion that this is driving up prices.
Russell Galley, managing director at Halifax, said:
“The average UK house price rose again in April, up by 1.1, or £3,078, in the month. This was the 10th consecutive month that property values have increased, the longest run of continuous gains since the end of 2016.”
Furthermore, the Halifax HPI report that demand in the housing market remains firm and mortgage servicing costs are relatively stable with fixed-rate deals making up around 80% of mortgages on homes across the industry, protecting many households from the effects of rate rises so far.
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Article & Graphic Source “UK house prices soar – property industry reaction to latest Halifax HPI”, Property industry eye, 06/05/2022