September sees further house price growth

October 16, 2020 by Heidi

House Prices

The September House Price Index published by Halifax indicates that house prices in the UK rose by 7.3% compared with September 2019, which represents the biggest rise since June of 2016.

This was not the only positive news for the UK housing market, as the average price of a home also rose during September in comparison to August, with a 1.6% increase being recorded by the House Price Index. Furthermore, the average price for this quarter of the year was 3.3% above that of the second quarter of 2020.

Halifax Managing Director Russell Galley told Financial Reporter that the average price of a house in the UK was now nearly £250,000, with the rise in prices during September being the third month in a row in which they had increased significantly.

He went on to say that the market had bounced back extremely well since opening up again in May, before adding:

“Across the last three months, we have received more mortgage applications from both first time buyers and homemovers than any time since 2008.”

Galley then stated that the change to the stamp duty threshold had encouraged both buyers and sellers to complete deals as soon as possible, while the lockdown and rise of working from home had made people keen to find properties that offer greater comfort and space.

Others within the industry, such as those completing CeMAP courses to become mortgage advisors, will also want to get in on the action while the housing market remains as strong as it currently is.