New statistics from Halifax’s Price Index have been released
The main points to take away from the document are that property values have risen by around 1.1%. However, according to Halifax, this has been the slowest annual pace since April 2013.
Halifax stated the average recorded house price in September was £232,574; This is around a -0.4% change compared to the previous month. On the other hand, within the third quarter (July-September), housing prices were 0.4% higher in comparison to the second quarter (April-June). Halifax also commented that housing prices have been “predominantly flat”.
Although, when looking at these statistics, readers need to bare in mind that Halifax data produced is based on lending within their company.
How does this impact the housing market?
It can sometimes be difficult to understand how certain figures can impact the overall housing market. This can be especially tricky to understand when recent news articles have spoken of average selling prices being up and down around the country.
The stagnating and falling of housing prices will be welcomed by first-time buyers. In recent years, first-time buyers have felt unable to buy in certain counties. However, to those buying and selling their currently property, it means the market value may not reflect their property.
As mentioned, the UK housing market is currently not uniformed. According to the BBC House Price Calculator, the majority of three-bed properties in the south of England are classed as ‘unaffordable’. This is disheartening to those trying to upsize or climb the property ladder.
I started writing for PPO back in August 2019. I particularly enjoy writing about new housing developments and upcoming property events.