Are UK Property Prices still increasing?

The latest figures from the Halifax, the biggest mortgage lender in the UK, show that house prices increased by 1.8% in February. This means that the annual rate of house price inflation stayed the same at 9.9%. According to the monthly survey, the average house price was £192,233.

The Halifax says that prices have carried on rising so far this year because there has been a shortage of properties for sale, especially in London. However, they still expect a slow down later this year as higher mortgage rates and increasing prices make it more difficult for potential first time buyers to enter the property market. The bank noted that new mortgage approvals have started to slow down recently.

According to research by Halifax Estate Agents, the most rapid property price increases in recent years have been in the market for terrace houses. The average price of a terrace house is now £186,316, compared to £54,945 ten years ago. This is an increase of 239%, whereas the average rise for all properties was 205%. However, the average terrace house still costs less then the average house in the UK. Price rises for flats and maisonettes have also risen above the average rate, while detached homes and bungalows show below average increases.

<<< Back | News | Home | Apply For A Loan >>>