According to the latest residential index, 2015’s third quarterly UK house prices were 8.6 per cent higher than in the same three months during 2014, as well as being up 2 per cent quarter on quarter.
But it has also been revealed that the quarterly rate of growth actually fell from the 3 per cent in August, to its lowest level since May, and the annual figure proved to be lower than the 9 per cent logged in August.
The index report states that these movements fall in line with the average up to now for this year, and additionally points out that monthly data can be fickle, with quarter on quarter change offering a more reliable gauge of the underlying trend.
In separate research, it shows that there’s been a 60 per cent increase in the average price of a flat in the last decade, a figure that is markedly higher than the 38 per cent rise for all residential properties. The UK’s detached properties showed growth of 21 per cent and bungalows recorded 28 per cent, both documenting the smallest rises over the last decade.
Martin Ellis, a Halifax housing economist stated: ‘Housing demand has been strengthening recently, underpinned by economic growth, rising real earnings and very low mortgage rates,’
‘Increasing demand is combining with very low supply to drive robust underlying house price growth. There is little reason to expect any fundamental shift in the key market drivers over the coming months.’
Whether you’re looking to buy a house or you’re looking for a free home valuation, Winkleigh-based estate agents, Howes Estates can help you every step of the way.