On Friday, March 6, one of the UK’s largest lenders Halifax released their monthly house price index, which suggests an annual increase in house prices of 2.8 per cent, with a month on month increase of 0.3 per cent. According to Halifax data, the average UK property price is now £240,677 compared with £234,234 in the same period last year.
These figures are supported by a positive update from the Bank of England earlier this week, reporting a 7.1 percent year on year increase in the number of mortgages approved for property purchases in January.
Commenting on the report, Managing Director of Halifax Russell Galley explains, “The UK housing market has remained steady heading into early spring. Much like we saw in January, the increases seen in February reflect the continued improvement of key market indicators. The sustained level of buyer and seller activity is strong compared to recent years, with positive employment conditions and a competitive mortgage market continuing to support demand.”