House prices in the three months to August were 2.6% higher than in the same three months a year earlier, it was revealed today in the Halifax Price Index.
The annual rate in August is higher than in July (2.1%), however it has fallen from a peak of 10.0% in March 2016 when transactions grew sharply ahead of the introduction of new higher stamp duty tax rates for buy to let and second homes that came into effect in April.
Brian Murphy, Head of Lending for Mortgage Advice Bureau told Express.co.uk the report from the Halifax this morning is “good news”.
He explained: “Annual house price growth stood at 2.6% in August, resulting in a 1.1% increase on the previous month, and a 0.1% increase on the previous quarter.
“This latest set of data should allay any recent uncertainty around the health of the UK property market, as it points to the fact that house price growth is continuing in line with expectations, with independent industry bodies such as RICS forecasting annual house price growth of between 2% and 4% for 2017.”
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The property and mortgage expert explained the August Halifax report shows that the average property price is now just above the previous high of December 2016.
The average property value in December 2016 was £236,424. Today’s increase, Brian believes, is probably a result of the ongoing ‘perfect storm’ of strong consumer demand and lack of supply in many areas, he said.
“The good news in the picture is that lenders remain ultra-competitive so the current raft of exceptionally low rates is assisting with affordability, even though household incomes aren’t seeing the same increases as property prices.
“Of course, it must be remembered that increasing property values don’t equate to good news for everyone in the property ecosystem.
“First Time Buyers, who up until recently have had to fight off competition in many areas from Buy To Let landlords, are finally beginning to make a return to the market, yet in many areas are hampered from entering the market due to escalating property values.
“What today’s report does indicate, however, is that the market overall remains in good health and, whilst modest, house price growth is still house price growth.”