In the latest quarter (April to June), house prices increased by 2.4 per cent over the previous quarter, with property prices remaining stable despite mounting uncertainty surrounding the UK’s departing from the bloc.
In today’s (5 July) Halifax House Price Index, figures revealed the average price of a property sat at £237,110 in June, down just 0.3 per cent when compared to the previous month, extending the current trend of stability, if not growth.
However, while prices fell monthly, annually, they increased by 5.7 per cent. This increase comes against a backdrop of a particularly low growth rate in the corresponding period in 2018, which has had an impact on year-on-year comparisons.
Commenting on the data, Halifax managing director Russell Galley said: “Average house prices dipped marginally in June, falling by 0.3%, to stand at £237,110. This extends the largely flat trend we’ve seen over recent months.
Galley continued, adding that the housing market has displayed a “reasonable degree of resilience” in the face of political and economic uncertainty, with recent figures suggesting that demand is looking more stable, while mortgage approvals are “ticking along just above the long-term average”.
“One of the major restraining factors on the volume of transactions in the market continues to be the very low level of stock for sale. With the ongoing lack of clarity around Brexit, people will be looking for more certainty in the coming months, both to encourage them to list their property and to create the confidence needed to encourage buyers,” he noted.
“Of course, the likelihood of continued historically low mortgage rates will underpin prices in the near term.”
On the figures, Glenhawk CEO Guy Harrington commented: “Despite the continued tsunami of negative sentiments in the market, both politically and financially, activity in the housing market is bobbing along nicely. For those looking to buy, now is good a time."
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