Halifax House Price Index released today shows that house prices have risen over the three months to April 2014, although they have fallen back a bit over the month.
- Over the month house prices have fallen by -0.2%, however the three months to April they were 2.3% higher than the previous 3 months
- The past eleven months have seen a steady growth between 1.8% and 2.3%
- The prices over the three months to April were 8.5% higher than the same period in 2013.
- The average house price now stands at £177,648
Commenting, Stephen Noakes, Mortgages Director, said:
“House prices in the three months to April were 2.3% higher than in the three months to January. Annually prices were 8.5% higher in the three months to April than in the same three months last year. However, prices fell marginally during the month representing a second successive monthly decline.
“Although mortgage approvals have now declined for two consecutive months and property transactions fell in March, on an annual basis housing demand still remains strong. Housing demand continues to be supported by an economic recovery that is gathering pace, rising consumer confidence, low interest rates and wage growth finally beginning to outgrow consumer prices. However, with supply of properties being slow to respond to market conditions, stronger demand in the past year has resulted in upward
pressure on house prices.”