House prices climbing higher - Mortgages - News - Moneyfacts


House prices climbing higher

House prices climbing higher

Category: Mortgages

Updated: 13/08/2013
First Published: 13/08/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices in June were 3.1% higher compared to a year ago, according to official figures released today by the Office for National Statistics.

This was an improvement on May 2013's rise of 2.9%.

London continued to drive the annual growth, with prices in the capital climbing 8.1%.

Meanwhile, a separate survey by the Royal Institution of Chartered Surveyors (RICS) showed that house prices are rising at their fastest pace in seven years.

On a seasonally adjusted basis, the house price balance jumped to +36 in July from +21 in June and just +5 in May - the best figure since November 2006 and one of the sharpest improvements over a three-month period since the survey began in 1978.

The news is the latest in a number of industry reports highlighting improvements in the mortgage and housing markets.

LSL Property Services reported last week that prices climbed to an all-time high last month, surpassing the previous peak reached at the height of the housing boom in February 2008, while Halifax announced house price increases of 4.6% in the three months to July when compared to a year ago, and Nationwide Building Society recorded the biggest year-on-year rise in nearly three years, at 3.9%.

What Next?

Compare the Best Mortgage Deals

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.

Bank of Mum and Dad holds the (house) key

The Bank of Mum and Dad is an important source of finance for many young adults, and it seems that they still hold the key – in more ways than one.

Fee-free mortgages on the rise

Mortgage rates may be at record lows, but for some people, the extra costs associated can make switching deals a financial impossibility. It’ll come as welcome news, then, that the number of fee-free deals has more than doubled over the past year!