The latest Halifax UK House Price Index certainly makes for interesting reading, revealing that:
· The average house price now sits at a record £294,260
· House prices are up by a whopping 11.5% on the same time last year
· Wales has seen the greatest level of house price inflation in the last year, with properties up by £31,246 (August 2021 to August 2022)
However, house price inflation is beginning to subdue:
· Annual rate of growth eased to +11.5% (from +11.8%)
· Monthly growth rate of +0.4% described as ‘relatively modest compared to the rapid inflation we’ve witnessed in recent times’
Conor Murphy, CEO and Founder of Smartr365, interprets the findings:
“As house price growth continues to show signs of subsiding, this signals positivity for the market amidst an economic climate that is expected to see interest rates continue to rise in the coming months.
“With borrowing becoming more expensive prospective buyers will likely find considerable respite in the plateau in house prices we are seeing, after what has been a period of unprecedented growth. In an already healthy and buoyant market, it is likely this will lead to sustained demand.
“As has been the case for much of this year, the role of brokers is now more than ever to ensure mortgage applications are processed as quickly and efficiently as possible so that buyers can lock in the products and rates of their choice, before these are removed and replaced. Using technology to ensure they are delivering a best-in-class service under these circumstances is absolutely key.”
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