The average price for a UK home continued to rise in July, according to the latest price survey from Halifax bank, as reported by the BBC. House prices went up by.7% across the UK in July. While prices are still increasing, this is the fourth consecutive month to see an increase lower than 1%.
On a yearly basis, the average home price has risen 11.2% over the past year. The price of house in the UK is £198,195. One reason for the slowing in the rise of housing is the recent interest rate increases. Although slowing, Halifax’ chief economist Martin Ellis expects the market to remain solid:
“Sound economic fundamentals, high levels of employment and a shortage in the number of properties available for sale – particularly in London and the South East – will, however, continue to support house prices.”
Over the next five years, the average cost of a house in the UK is expected to break through the £300,000 level, according to research from the National Housing Federation. While this is good news for real estate investors who are looking for a solid investment, it will make it more difficult for many to get into the market in the coming years.
Property For Sale from the UK
Thousands of homes for sale from England, Wales Scotland & Northern Ireland.
