First-time Buyer
House price growth steady at 9.2% a year
Guest Author:
Paula JohnThe average UK property increased in value by 1.4% in the three months to May, Halifax house price figures show.
According to the latest house price figures compiled by the UK’s largest mortgage lender, Halifax, the average UK property increased in value by 1.4% in the three months to May compared to the previous three months, giving an unchanged annual rate of growth of 9.2%,
The average price of a British home now stands at £213,472.
Commenting on the figures, Halifax housing economist Martin Ellis said:
“Low interest rates, increasing employment and rising real earnings, continue to support housing demand. The strength of demand, combined with very low supply, is causing house prices to rise at a brisk pace in quarterly and annual terms.
“Increasing affordability issues, caused by a sustained period of higher-than-earnings house price growth, should curb housing demand and result in some slowdown in house price growth as the year progresses.”
