Latest figures from Halifax have revealed that house prices have risen 5.7 per cent in the year to June 2019.
Reported in the mortgage lender’s monthly House Price Index report, the average home in the UK now costs £237,110. In June 2018, the average house price was £227,752 – almost a £10,000 rise year-on-year (YoY). Halifax noted that the rise was due to a “particularly low” rate of growth in house prices during the early periods of the last financial year.
There was also a rise in the quarterly figures, with house prices up 2.4 per cent when comparing the periods January to March 2019 and April to June 2019.
Managing director at Halifax, Russ Galley, commented on the yearly and quarterly increasing, stating: “The housing market is displaying a reasonable degree of resilience in the face of political and economic uncertainty. Recent industry figures show demand looking slightly more stable, with mortgage approvals ticking along just above the long-term average.
“With the ongoing lack of clarity around Brexit, people will be looking for more certainty in the coming months, both to encourage them to list their property and to create the confidence needed to encourage buyers.”
Quarterly rises in key regions
Contrasting to the House Price Index from Halifax, Nationwide’s report states there has only been a yearly 0.5 per cent rise in house prices across the UK. Chief property analyst at Yopa, Mike Scott, believes this difference is due to “Halifax understating the rate of growth” in the second quarter of the previous year, but figures will once again align in the second quarter of this year.
In its House Price Index, Nationwide states the growth in the UK has been “subdued” in June, with there being a defined regionalised split in the performance increase in house sales. In northern England (including the North East, Yorkshire, and the Midlands), there was an on-average 2.1 per cent increase in house prices, compared to an average 0.7 per cent drop in southern parts of England.
Yorkshire and Humberside boasted the highest YoY increase of 3 per cent, whilst West (2.6 per cent) and East (2 per cent) Midlands both saw rises. There were also increases in the North East (up 1.8 per cent) and Scotland (up 0.4 per cent).
Building homes in prospering areas
At Avant Homes, we’re committed to building homes in the right areas. Based on the latest figures from the House Price Indexes, our key regions – Scotland, the North East, Yorkshire and the Midlands – are all outperforming other areas in the UK in becoming more lucrative locations to purchase a home.
Our mission is to become the homebuilder of choice in the north of the UK and we’re elated to see the house market here going from strength to strength.