The Halifax House Price Index (HPI) for May has recently been reported and shows a modest increase in house prices by 0.4% in May. This was the fourth consecutive monthly rise.
- Average house prices over the last three months (March-May) were 1.5% higher than in the previous three months, as opposed the a 1.3% rise recorded last month. House prices have been rising modestly on this three month-on-three month measure since December 2012 with increases of between 1% and 2% in each of the past five months.
- The annual picture has prices for the three months to May up 2.6% against the same three month period last year. This represents the biggest increase since September 2010 (2.6%).
- Monthly changes has seen a modest House prices increased by 0.4% in May. This was the fourth consecutive monthly rise.
Commenting, Martin Ellis, housing economist, said:
“House prices continue to pick up gradually. Prices in the three months to May 2013 were 1.5% higher than in the preceding three months. This was slightly higher than the 1.3% increase in the three month-on-three month measure in April.
“Market activity has also improved slightly in recent months although home sales remain low by historical standards.
“Despite these recent signs of improvement in the housing market, the subdued economic background and the accompanying weak income growth continue to be a significant constraint on housing demand and activity.”