Halifax have just released their latest house price index for Q1 2016, providing the first snap shot of the UK property market in the New Year.
The latest release highlights that in the last month house prices across the UK have actually cooled by just over 1%, although overall there is no signs of the UK property bubble starting to slow.
Since November prices have continued to increase by another 3%, resulting in a year on year increase of marginally below 10%.
The Emoov CEO and property expert, Russell Quirk, was up bright and early to provide comment on Halifax’s latest findings.
Founder and CEO of Emoov.co.uk, Russell Quirk, commented:
“There are slight signs that the UK market is cooling, with the February wobble seeing a decrease of 1.4% since January. However, this is only marginal as since November prices are up by another 3% and nearly 10% in the last year. Demand is always an influential factor where an increase in house prices is concerned, so the impending stamp duty changes due in April have no doubt helped to keep the UK market buoyant.
There has been a flurry of buyers keen to secure that second home or buy to let investment before the April deadline, as well as an increase in the stock available, due to savvy buyers looking to cash in and obtain a higher price than usual during this period of high demand.
We expect once the stamp duty dust has settled the market will cool slightly, but whilst UK and foreign buyers are still fuelling this increase, the issue of affordability will continue to take a back seat, rather than helping to restrain a continually inflating market.”