Halifax has just released the latest house price index for September and it’s positive news for the UK property market and homeowners across the nation.
Not only have house prices continued their trend of upward growth for a second consecutive month, but the quarterly rate of growth is the fastest since February and the current UK average house price is the highest on record at £225,109!
The latest figures show that the UK market has bounced back from an uncertain year and although price growth is still slower than last year, the market is starting to gain momentum and should continue to do so for the rest of the year and into 2018.
It’s thought that the continued increasing cost of living, together with the unaffordability of property and a potential rise in interest rates could see this positive growth diminish. However, with interest rates at a record low and unlikely to increase by much, coupled with the continued shortage of housing stock, it is unlikely that price growth will subside anytime soon as Emoov CEO and property expert Russell Quirk, explains.
No signs of an autumnal cold snap where UK house price growth is concerned and, in fact, the UK market seems to be enjoying somewhat of an Indian Summer with the highest quarterly growth rate since February and the highest average house price on record.
It is more than apparent that the UK market has found its feet and is starting to gain momentum again. This momentum is unlikely to regress despite the ongoing spectacle of Britain leaving the EU. In addition, while an increase in interest rates seems very likely over the coming months, they are already at such a low level that any increase is likely to be marginal and insignificant when it comes to impacting or deterring buyers.
With the ongoing issue of building supply, UK homeowners can be assured the price of their property will remain stable as we head towards 2018.Russell Quirk
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