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UK house prices rise 10.1% in Q1 2016

Posted on Thursday 21st April, 2016

OK, so it doesn’t come as much of a shock. But the latest Halifax House Price Index: http://static.halifax.co.uk/assets/pdf/mortgages/pdf/March-2016-Halifax-House-Price-index.pdf

It still makes for some interesting reading. The headline news is that UK house prices are still going up – a 10.1% increase for the first three months of 2016 compared to the first three months of 2015.

The average UK house price in the first quarter of 2016 was £214,811 according to the Halifax’s seasonally adjusted calculations – up 2.9% from the last quarter of 2015.

So far, so predictable, right? But it isn’t necessarily just a case of more of the same to come. Martin Ellis, Halifax housing expert said: “Worsening sentiment regarding the prospects for the UK economy and uncertainty ahead of the European referendum in June could result in some softening in the housing market over the next couple of months.”

Despite these factors, he continued: “Current market conditions, however, remain very tight with an acute supply/demand imbalance continuing despite an improvement in the number of properties coming on to the market for sale in recent months. This, together with continuing low interest rates and a healthy labour market, indicates that house price growth is set to remain robust.”

Interestingly, some separate Halifax research (included in the House Price Index report) also shows that, since 2008, UK flat prices have risen significantly more than other residential property sectors. On average, a flat bought in 2008 is worth 57% more now – compared to a 37% increase for all residential properties. So it shows that going smaller can sometimes pay dividends.

No one can predict the future 100%. But at Acorn4mortgages we provide the information and insight from which to make informed financial decisions. From the headlines to the small details, we’ve got a track record in understanding the market – give us a call to find out how we could help you.

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