House price boost gathers strong momentum
The latest Halifax House Price Index has produced some intriguingly positive results for consumers and mortgage providers everywhere.
Results for Q1 2013 show that house prices were 1.3% higher than when compared with the final quarter of 2012. In addition to that, house prices also increased by a 1.1% in April 2013 compared to March 2013 which suggests that the trend has gathered significant momentum. The average UK home is currently valued at £166,094.
Housing economist Martin Ellis commented:
“House prices continue to pick up gradually. Prices in the three months to April 2013 were 1.3% higher than in the previous three months, marking the fifth consecutive increase in house prices on this measure.”
A number of recent reports have put the increases largely down to price rises in London. If the trend is reflected throughout the country then it is likely to mean that an increasing amount of people will be forced into renting rather than buying houses.
Such a trend will subsequently have an impact on registered landlords although it is difficult to measure whether a trend to renting will prove as beneficial to the overall economy as a historical trend to house purchasing has been..
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