UK Property Prices Up By 10%

The prices of UK homes have significantly increased by about 1.1 percent between September and October this year. It was up by 2.8 percent quarter on quarter and 9.7 percent on a year on year basis as shown in the latest property index. This would follow that the average house price will now be over 200,000 pounds according to the index data of Halifax. The report also said that the house price optimism is still very high.

The 1.1 percent monthly increase followed the previous month’s fall of about .9 percent. The market has been in a roller coaster, with its quarterly figures becoming more reliable when it comes to indicating overall trends.  A chief economist pointed out that the prices of houses over the three months ending October which had a growth of 2.8 percent were higher compared to the preceding three months and that the quarterly rate of change likewise increased from the 2 percent recorded in September to above 2.5 percent over the first nine months this year.

Some 68 percent of those living in UK expect the average prices of property to be much higher in the next 12 months with just 5 percent expecting the prices to lower down. This data is according to the latest index captured by Halifax Housing Market Confidence Tracker. The report likewise pointed out that the figure released from HMRC show that the sales in home increased once again in September. The mortgage approvals also are on an upward trend despite failing last September. The volume of approvals of mortgages for house purchases also increased by about 4 percent between the 2nd and 3rd quarters this year despite a decline of 2.5 percent last September. The approvals within the three months up to September were higher than 10 percent compared to the same three months in 2014.

However the supply of properties remains at record low. New home constructions have declined the other month and it has been in the trend for eight successive months now. But this decline is not slowing down the market for oak top double basin vanity units and other related furnishings to slow down in their sales.