Average house prices in the UK increased in August according to the Halifax, with the average home costing £222,293, a 1.1% rise on the previous month.
Despite a slowdown in growth, house prices are still higher than last year with the continued low mortgage rate environment and high demand vs supply expected to keep growth figures positive through the coming months.
Russell Galley from the Halifax said: “House prices should continue to be supported by low mortgage rates and a continuing shortage of properties for sale over the coming months.”
Further reading: A million help to buy ISA’s opened since 2015
It was noted in their report that high levels of employment had added to demand with the annual increase estimated to be 2.6%.
Housing market maintains strength despite testing times
The UK Housing Market has already rebuffed a number of challenging political factors over the last two years with Brexit the primary risk, however, demand and prices have grown steadily.
According to the House Price Index, the average price of a UK property has risen 5.3% to £226,185 between September 2016 and July this year, whilst the index itself has moved from 112.67 to 118.63 over the same period.
The post Buoyancy in Housing market last month appeared first on LPC Living.