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House prices accelerate

‘Halifax has revealed that the average UK house price jumped £220 every day through May, a total of 8.7%, the biggest month-on-month rise in over 10 years.

Average UK property prices climbed 3.9% to £184,464, up from the £177,648 registered at the end of April, the fastest recorded increase since October 2002.

“Demand is still strong and continues to be supported by a strengthening economic recovery. Consumer confidence is being boosted by a rapidly improving labour market and low interest rates, although growth in average earnings still remains weak. However, there are signs of a revival in housebuilding which should bring supply and demand into better balance and curb upwards pressure on prices over the medium and longer term,” explained Stephen Noakes, mortgages director at Halifax.’

Sources: The Daily Telegraph, Financial Times

Myfanwy Neville

Partner, Property and Construction

T +44 (0)20 8922 9376
E myfanwy.neville@bkl.co.uk

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