The latest house price index from Halifax shows that UK house prices picked up last month, rising at the fastest annual pace since November. This rise comes despite the much hyped ‘Brexit’ effect and shows that once again, people are choosing to get on with their lives and put their money into a family home.
Halifax reported that prices in the three months to July rose by 3.3% from a year earlier, with the average cost of a house hitting a record £230,280. In the month of July alone, prices rose by a stronger-than-expected 1.4% from the month before.
The Halifax’s latest survey supports the most recent data from Nationwide which also reported a pick up in house price growth. Nationwide’s report indicated that annual house price growth accelerated to 2.5% in July, with the cost of the average home rising to £217,010.
The BBC have produced a very useful chart comparing Halifax and Nationwide data which we are reproducing here.
The current house price growth is in our view largely driven by a shortage of stock – and it is always the case that a well priced property in a good location will sell quickly in almost any market conditions.
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