Average house prices jump to new record – even though they’re £80,000 less than asking values


Published : 8th August 2018

News

Average house prices rose to a record £230,280 in July, says Halifax.

This was up 1.4% on the month, and 3.3% year on year.

The data is based on Halifax mortgage approvals and is seasonally adjusted.

The figure is a long way short of Rightmove’s latest average new asking price, of £309,191.

Jeremy Leaf, north London estate agent, said: “House prices experienced a rebound in July but this was mainly due to shortage of stock and continuing low mortgage rates, as we have found on the high street that many buyers have already factored in the increase in interest rates.

“It is almost as if the north/south divide is working in reverse with more activity outside rather than inside the capital.

“There is still no clear pattern to the market after June saw the slowest growth for five years. Viewings are up but it is hard to obtain commitment as political and economic uncertainty remain.”

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: “Month-to-month changes in Halifax’s measure of house prices always should be taken with a large pinch of salt, given that its index is four times as volatile as the official measure. Most other indicators of house price growth remain weak.

“Accordingly, we doubt that the jump in Halifax’s measure of house prices in July marks a turning point for the market.”

 

Source:- http://www.propertyindustryeye.com/average-house-prices-jump-to-new-record-even-though-theyre-80000-less-than-asking-values/