Average Prices Climbed By 10.8%
The average UK house price continued its upward trend in February as it reached £277,000 – the highest level for the same time since records began in 2008. Wales continues to be the UK’s property hotspot, while London is lagging with an 8.1% increase. Although the lack of new supply is likely to continue to impact property prices, the need for more space and a better quality of life will remain high. The number of properties on the market has fallen by about 55%, bringing the supply and demand in the UK out of whack.
Halifax Index Shows Signs of Cooling Market
A Halifax house price index for May suggests a cooling housing market, but the figures have remained high. The region that saw the fastest growth in house prices last month was Wales, followed by the East Midlands and the South East. London, on the other hand, experienced the smallest monthly growth at 0.3%. The figures show that the housing market is still booming, but that the difficulty of getting on the property ladder is affecting household budgets.
Demand For Homes In Cities Is Increasing
A property portal in Britain says demand for homes is growing in cities, particularly those in the South West. As the UK economy returns to normal, many prospective buyers are returning to cities. Demand is reflected in the increase in listings in cities. Zoopla says the number of homes for sale increased by 3.5% in the 28 days to 20 March. But overall, the stock of homes for sale is still 42% lower than the five-year average.