Recent House Price Index report brings good news for homeowners
The Halifax recently released its House Price Index report for February 2017 and I’m pleased to say there’s good news for the housing market! Here are the highlights:
- 0.1% monthly increase in house prices
- Prices in the three months to February 2017 were 1.7% higher than in the preceding quarter
- A 5.1% year on year increase (that is when comparing the three months to February 2017 with the same period a year ago)
- An average property price across the UK of £219,949
These increases might seem small but in the midst of uncertainty following the vote to leave Europe, these figures are encouraging. While we must not overdo our optimism, some reassurance for homeowners could also be found in Philip Hammond’s March 2017 budget in which he reported that “... average house prices are forecast to increase at an average annual rate of 4.8%”.
Let’s hope the positive news continues and that spring brings out house buyers as well as the daffodils!
Those seeking to buy a home will be less pleased that housing demand continues to outstrip the supply of available housing. However, with the government’s current focus on increasing the number of houses built in the UK, the supply should slowly start to improve.
You can read the report from the Halifax here.
More information about how the Halifax prepare their House Price Index can be found here.
To discuss issues relating buying and selling property, contact us on 0161 785 3500 or make an enquiry.
Posted 30 March 2017Subscribe to our newsletter
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.