According to the latest figures from the Halifax, annual house price growth has reached four per cent.
House prices in the past three months (July-September) were 1.4 per cent higher than in the previous three months. The Halifax says that this is the fastest price growth since February.
The average UK house price is now £225,109, four per cent higher than in the same period a year ago. The annual rate in September was higher than in August. House prices in general rose 0.8 per cent between August and September, down from the 1.5 per cent increase in August.
Halifax Community Bank MD Russell Galley told us: “The annual rate of growth has picked up for the second consecutive month, rising from 2.6 per cent in August to four per cent in September.
“While the quarterly and annual rates of house price growth have improved, they are lower than at the start of the year. UK house prices continue to be supported by an ongoing shortage of properties for sale and solid growth in full-time employment. However, increasing pressure on spending power and continuing affordability concerns may dampen buyer demand.
“There has been recent speculation on the possibility of a rise in the Bank of England base rate. We do not anticipate this will have a significant effect on transaction volumes.”
According to the latest data from the Royal Institute of Chartered Surveyors, there is a shortage of homes for sale which is impeding market activity, with the number of new instructions falling in August for the 18th consecutive month.
However, this tends to be affecting pre-owned property. The new build market seems to be more buoyant. At Allison Homes for example, we have a wealth of new developments in the pipeline in Boston, Colsterworth, Louth, Horncastle and Weston.
Visit our website regularly for updates on the availability of our new homes.
