Average UK House Price Hits Record High
Average UK house price rose over £250k for the first time.
According to the latest Halifax House Price Index, the average UK house price is now £250,457, which is a new record in the UK. The ‘mini-boom’ has continued to grip the market this year from a significant rise in buying and selling across the nation.
Russell Galley, Halifax managing director, said: “This level of price inflation is underpinned by unusually high levels of demand, with latest industry figures showing home-buyer mortgage approvals at their highest level since 2007, as transaction levels continue to be supercharged by pent-up demand as a result of the spring/summer lockdown, as well as the Chancellor’s waiver on stamp duty for properties up to £500,000.”
From August to October, houses prices have risen 4% compared with the previous quarter. October 2020 further saw an increase of 7.5% compared with October 2019. Which is encouraging news for the overall economy during the current pandemic.
Working from Home
This second lockdown has also further pushed the desire to work from home and upscale. Working from home is set to become more permanent with more and more individuals looking to gain more room or a home study.
Galley says: “Overall we saw a broad continuation of recent trends with the market still predominantly being driven by home-mover demand for larger houses. Since March flat prices are up by 2.0% compared to a 6.0% increase for a typical detached property. In cash terms that equates to a £2,883 increase for flats compared to a £27,371 rise for detached houses.”
With this demand and record levels, property prices are likely to remain strong in the upcoming months.
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