House price growth remains steady

House price growth remains steady

New data extracted from the latest Halifax house price index has found that during Q4 in 2015, the price of an average house in the UK was 1.6% higher than in the preceding three months, and 9.5% higher than in the same three months a year earlier.

This keeps the annual rate in the 8-10% range where it was for nearly all of 2015.

Newham in London recorded the biggest rise in house prices among major UK towns and cities over the past year, according to separate Halifax research. The average house price in the London borough was 22% higher than in the previous year; nearly double the 12% increase in London as a whole. Those areas that have seen the biggest house price increases over the past year are either in outer London or within close commuting distance of the capital.


Martin Ellis, Halifax housing economist, said: "House prices in the three months to December were 1.6% higher than in the previous three months. This was the second successive month that this measure has been below 2.0%, indicating a possible slight softening in the underlying rate of price growth.

There remains, however, a substantial gap between demand and supply with the latest figures showing a further decline in the number of properties available for sale. This situation is unlikely to change significantly in the short-term, resulting in continuing upward pressure on prices.”

Mark Posniak, Managing Director of Dragonfly Property Finance, commented: "With supply as weak as demand is strong, it's same old, same old on the house price front.
 
Prices continue to rise, if at a slightly steadier rate over the quarter. The 1.7% rise in December drives home the extent of demand. In the current environment, seasonal trends are arguably becoming less significant.
 
Looking into 2016, it's hard to see anything other than a continuation of the current trend of steadily rising prices, especially with interest rate rises in the near future unlikely. The jobs market is strong, consumers are confident and mortgage rates remain very low. Against this backdrop, further price rises are almost inevitable."

Join our mailing list:

Leave a comment



Latest Comments

AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

view article
AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

view article
CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

view article
Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

view article
property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

view article
property guru
property guru 11 Jul 2016

Surprise suprise

view article
CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

view article
Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

view article
DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

view article
DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

view article
DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

view article
ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

view article

Related stories

More articles from Property