The latest figures from Halifax’s House Price Index show that house prices rose another 7.6% in July, reaching an average of £261,221. It is now widely agreed among industry experts that a future correction seems unlikely.
The July figure was a 0.4% increase from June (£1,122), with a quarterly uplift of 2.4%. Annual price growth has dropped from a twelve month high in May, 9.6%, and in June, 8.7%.
In London, house price growth was lower than other regions at 2.5%. The South East and East of England also saw slower year-on-year growth. In Wales, there was increase of 13.8% and Yorkshire had a growth of 11%.
Russell Galley, managing director at Halifax, said: “Overall, assuming a continuation of recent economic trends, we expect the housing market to remain solid over the next few months, with annual price growth continuing to slow but remaining well into positive territory by the end of the year.”
Jeremy Leaf, former RICS residential chairman, said: “Available stock remains at low levels and this is continuing to support values, among with cheap mortgage rates.”
Tomer Aboody, director at MT Finance, said: “This isn’t a surprise as these areas are more affordable. They also provide greener spaces, underlining the desire of buyers and changing sentiment with regard to wanting more space.”
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The latest Nationwide house price index showed that UK house prices hit a record high in April, after a rise of 2.1%. This was the greatest monthly increase seen since February 2004.