News
House prices in biggest rise since 2010
UK house prices are rising at their fastest level since the start of 2010.
According to new data released by Halifax, prices in the three-month period between June and August were 5.4% up on the same period in 2012, boosted by an increase in mortgage lending.
Mortgage approvals reached 60,600 in the month of July, the first time approvals have passed the 60,000 level since 2008.
Halifax said both the Help to Buy and Funding for Lending schemes were helping more prospective homeowners onto the property ladder and that it expected the market to continue its growth between now and the end of the year.
Martin Ellis, Halifax housing economist, said:
“House prices in the three months to August were 2.1% higher than in the previous three months; unchanged from both June and July. Prices in the three months to August were 5.4% higher than in the same three months last year, the highest annual rate since June 2010.
“Housing market activity is also on an upward trend with the number of mortgage approvals for house purchases – a leading indicator of completed house sales – 10% higher in the three months to July compared with the previous quarter after allowing for seasonal influences.
“Economic improvement and low interest rates, supported by official schemes such as Funding for Lending and Help to Buy, appear to have boosted housing demand in recent months.”