UK house prices grew in April at the fastest annual rate in more than two years latest statistics announced by Halifax which were released.
Halifax have said in their latest publication that prices rose by 5% in the three months to April 2019, when compared against the same period a year earlier. This is now the fastest annual growth rate since Feb 2017.
What has led to the rise?
Halifax cautioned that the sharp rise in the annual rate partly reflected the fact that growth was “particularly low” this time last year.
However the reason for this sharp growth has to be largely attributed to higher volume of sales in London which on a whole have been down over the past 2 years. In addition to more expensive new build properties available on the market which have also been selling too.
House price measures. Illustration: Pantheon Macroeconomics
The average price of a property rose to £236,619 in April, up 1.1% from the month before,
Other surveys have painted a picture of a slowing, but volatile housing market, with prices propped up by a shortage of homes on the market, while many buyers have been deterred by fears of Brexit’s potential impact on property values and their personal finances.
Halifax MD - Russell Galley, said recently demand and supply of housing remained subdued for another month.
“The index has seen a weaker pace of growth over the last three years, which is consistent with the easing of transactions volumes and housing market activity reflected in Rics [Royal Institution of Chartered Surveyors], Bank of England and HMRC figures.”
Halifax said house prices hit a low of £154,663 in April 2009 following the financial crash and have increased £81,956 since then – an average annual increase of 4.3% which is way over 52% growth which is quite astonishing.
Investors that made change years early especially in 2009 are now reaping great rewards. If the last 10 years are anything to go against then the market will continue to be buoyant and increase.
We would advise investors to make a statement and continue to Invest for returns or obtain Investment property.
Here are a few case studies we have listed on our website which are now valued in excess of the end value they achieved year ago.
Project Norman– Now valued at £150,000 - Original Value in 2016 was £117,500
Project Wollaton – Now valued at £360,000 - Original Value in 2018 was £335,500
Project Hucknall - Now valued at £135,000 - Original Value in 2015 was £115,000
Check out the case studies on our case study pages
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Source: BBC, Guardian. Halifax