House prices shooting up at rate of £51 per day, Halifax reports

House prices have gone up almost 10% in the last year, the Halifax has reported.

The rise equates to £18,771 – meaning that house prices have risen by an average of £51 a day over the last year.

Putting the average UK house price in October at a “seasonally adjusted” £205,240, the Halifax says this is 9.7% up on the same month last year, and up 1.1% on September’s price.

Economist Martin Ellis said: “Improving economic conditions and household finances, together with sustained low mortgage rates, have boosted housing demand during 2015.

“Strenthening demand is filtering through into higher sales levels, although the ongoing shortage of supply is acting as a significant constraint on activity.

“The imbalance between supply and demand is likely to persist over the coming months, maintaining upward pressure on house prices.”

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One Comment

  1. Will

    The same imbalance of supply and demand applies to the rented sector.  This imbalance is also the cause of criminal fraternity the politicians love to call “rogue landlords”. (and adversely reflects on the millions of good landlords).  Many such criminal landlords are the product of Governments failure to deal with mass economic migration into the UK causing excess demand.  This is no different from the black marketeers  during WW2 due to rationing restricted all commodities.

    When will our politician understand facts rather than spout on about their political ideologies? and get to grip with building social housing rather than trying to achieve it at no cost to the Government through planning gain, Community infrastructure levies etc etc.  The tax on development through the various schemes prevents development of housing, particularly on brown field sites.

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