In August house price growth picked up.Which means their is buoyancy returning to the market as according to an index. The average house price across the UK reached a record high of 222,293 euros surpassing last December peak. House prices were 2.6% higher annually, beating the 2.1% annually last July. Managing director Russell Galley says that buoyancy may be returning because a recent figures mortgage approvals. Also possibly on the strong return of recent employment growth.
Key Takeaways:
- During the month of August, the average house price in the UK reached a new high of £222,293, which is higher than its previous peak during December of last year.
- UK house prices were reportedly 2.6% higher annually, which is a 2.1% increase from July, while annual house price growth is still approximately one quarter of the 10% increase from March 2016.
- Wage growth in the UK is still lagging behind increases in overall consumer prices, which will most likely put pressure on household finances and affordability.
“Adrian Anderson, director of mortgage broker Anderson Harris, said lenders are cutting both rates and penalties on products as they compete for business this autumn.”
Read more: https://www.birminghammail.co.uk/news/uk-news/average-house-price-reaches-record-13584803