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UK house prices grow by 0.9 per cent

Average house prices in the UK grew by 0.9 per cent in October 2019 against figures from October 2018, according to the latest figures.

Halifax’s latest House Price Index indicated that the average price of a UK house is now £232,249, with figures also growing by 0.2 per cent from Q2 2019 to Q3 2019.

Residential transactions also reached the highest level in more than two years, since August 2017. There were 101,740 residential transactions in September 2019, which is a five per cent increase from August 2019’s figures.

Some experts have stated that a marginal growth figure is because of political uncertainty, but the increase in property values and residential transactions indicates that buyer demand has not waned.

Mike Scott, Chief Property Analyst at Yopa, said: “We expect a resumption of more normal levels of housing market activity once the Brexit outcome is more settled, which may then give a short-term boost to house prices, since the stock of houses for sale is quite low, and demand can react more quickly than supply once the uncertainty is lifted.”

Recent data from UK finance also indicated that 170,060 first-time buyers completed a residential property transaction in the first half of 2019, the highest figure in more than 10 years.

First-time buyers accounted for more than half of the entire UK mortgage market in 2018, which is the first time this has happened for more than 20 years.

For advice on matters relating to property law, including conveyancing, contact our expert team today.

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Elizabeth Jennings

Elizabeth Jennings

Director - Commercial Property & Charities
I joined Mander Hadley in 2004, qualified as a solicitor in 2006 and have focussed on commercial law throughout. I am also a member of Coventry and Warwickshire First and Warwickshire Law Society.

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