House prices shooting up at rate of £51 per day, Halifax reports


Published : 6th November 2015

News

House prices have gone up almost 10% in the last year, the Halifax has reported.

The rise equates to £18,771 – meaning that house prices have risen by an average of £51 a day over the last year.

Putting the average UK house price in October at a “seasonally adjusted” £205,240, the Halifax says this is 9.7% up on the same month last year, and up 1.1% on September’s price.

Economist Martin Ellis said: “Improving economic conditions and household finances, together with sustained low mortgage rates, have boosted housing demand during 2015.

“Strenthening demand is filtering through into higher sales levels, although the ongoing shortage of supply is acting as a significant constraint on activity.

“The imbalance between supply and demand is likely to persist over the coming months, maintaining upward pressure on house prices.”

Source http://www.propertyindustryeye.com/house-prices-shooting-up-at-rate-of-51-per-day-halifax-reports/