UK Median House Price continues to rise
The latest Halifax House Price Index shows that prices increased by 1.8% in June, the twelfth consecutive monthly rise.
According to the firm, the annual growth rate of 13% is the highest since late 2004. It said that the typical property now costs £294,845 and that Northern Ireland continues to post the strongest growth in the UK.
Russell Galley, Managing Director, Halifax, said: “The UK housing market defied any expectations of a slowdown, with average property prices up 1.8% in June, the biggest monthly rise since early 2007. This means house prices have now risen every month over the last year, and are up by 6.8% or £18,849 in cash terms so far in 2022, pushing the typical UK house price to another record high of £294,845.”
Meanwhile, Richard Eagling, personal finance expert at NerdWallet, said: “All the speculation is that the UK property market is on the cusp of a slowdown. These figures continue to defy such suggestions, and they are unlikely to encourage prospective first-time buyers. Month-on-month house price increases are still resolutely in double figures, while aspiring homeowners also have rising interest rates and inflation to deal with, which affects how much they can borrow and save respectively.”
He added: “As such, people looking to buy a property must be sensible in their approach. As with any financial commitment, it is imperative that individuals first evaluate all facets of their financial situation, including their personal savings, credit ratings, outstanding debts, and potential future earnings. Once this is completed, they can adjust their budget and factor in higher costs – and potentially reassess their home search.
He concluded: “Additionally, prospective homeowners must carefully evaluate any mortgage offers, and research the best deals available in terms of rates and loan-to-value options. Making use of online tools such as comparison sites can be helpful in determining this. The signs of a cooling market may start to appear in the coming months, but for first-time buyers, these are unlikely to be apparent for some time. However, being proactive and weighing up all available options is a good place to start. Consequently, they will strengthen their buying position if house prices decline in the future.”
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