Average house price in UK reaches £213,472 in May
According to the Halifax House Price Index, house prices in the three months to May were 1.4% higher than in the preceding three months (December 2015-February 2016) in UK. This was slightly below April’s 1.5% and was the lowest since November 2015 (1.4%).
Prices in the three months to May were 9.2% higher than in the same three months a year earlier. This was unchanged from April.House prices increased by 0.6% between April and May.Average house prices reached £213,472 in UK.
Property prices per square metre have risen by 432% in Greater London against a national average increase of 251% over the past two decades, according to separate research from Halifax.UK home sales fell by 45% from 153,700 in March – the highest monthly total since records began in April 2005 – to 84,300 in April – the lowest since March 2013.
Martin Ellis, Halifax housing economist, said:
“House prices in the three months to May were 1.4% higher than in the previous quarter. The annual rate of growth was unchanged at 9.2%; the lowest since last autumn.”
“Low interest rates, increasing employment and rising real earnings, continue to support housing demand. The strength of demand, combined with very low supply, is causing house prices to rise at a brisk pace in quarterly and annual terms.”
“Increasing affordability issues, caused by a sustained period of higher-than-earnings house price growth, should curb housing demand and result in some slowdown in house price growth as the year progresses.”
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