House prices up by £13,000 in twelve months
A new report has shown house prices have increased by 7.6% year-on-year.
The monthly house price index from Halifax reported the average home to now cost £13,000 more than they did 12 months ago. The current average price stands at £198,833 which is down by less than 1% for the previous month of June. It has also been reported that the number of house sales in the UK has shown growth from the previous year.
Further data released this month from the Council of Mortgage Lenders (CML) highlighted an increase in mortgage lending, with figures from the month of June up by a fifth compared to the previous month. Remortgages also saw a boost with the number of loans up 30% from May this year.
This news follows on from record high house prices recorded at the end of July, with prices reaching above £200,000, demonstrating a boost in the property market during the peak summer months.
Comments from Sequre
Graham Davidson, Managing Director of Sequre Property Investment, comments on the continued rising house prices:
“While we would expect to see a boost in house prices during the summer months, a 7.6% growth from the previous year is an indication of a strong property market, and remains great news for investors looking at capital growth.”
“The main reason for this boost to house prices is caused by supply and demand which is inevitably pushing house prices up. While a strong number of sales and an increase in mortgage lending is positive, the supply of more homes throughout the UK is very much needed. There is a great need for quality rental properties to be available on the market and fill the void and give young professionals and families the affordable homes they need.”
Sequre source properties that benefit from both high yields and capital growth. We specialise in negotiating bulk discounts so investors can purchase a buy to let property that generates an income from day one. For those considering a property purchase, we can also recommend professional mortgage advisors who can find the best mortgage deals on the market no matter what your personal situation. To find out more, contact Sequre today on 0800 011 2277.