The newest house price index published by Halifax shows that June brought further sharp rises in average UK house prices, despite predictions that wider economic turmoil would slow this down.
This index shows that there was an annual rise of 13% in house prices, which marks the strongest rate of annual growth that the market has witnessed since the end of 2004. On a monthly basis, it amounts to a 1.8% rise in prices, with that being the highest month-on-month increase since the start of 2007. According to the house price index, the average price of a home in the UK now stands at £294,845.
The South West was the English region that experienced the highest price growth during June, with the average price of a home there being £308,128 by the end of the month. That represents growth of 14.2%.
Outside of England, Northern Ireland had the highest rate of annual growth, at 15.2%, which took the average house price there to £187,833 by the close of June.
Speaking to Mortgage Strategy, Russell Galley from Halifax said that these figures were largely unexpected by those within the industry. He then added:
“The supply-demand imbalance continues to be the reason house prices are rising so sharply. Property prices so far appear to have been largely insulated from the cost of living squeeze.”
Galley pointed out that this crisis was currently affecting those who are already priced out of the housing market for the most part.
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