House prices climbing higher - Mortgages - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.

Mortgage rates at fresh lows – but it may not last

Average fixed mortgage rates continued to fall this month, however much of this could be a technical adjustment rather than an indication of ongoing rate cuts – which means it may be worth switching to a new fixed rate deal sooner rather than later.

10-year fixed mortgage market flourishes

Given upcoming negotiations on the UK’s relationship with the EU, we are expected to have some uncertain times ahead. As a result, many borrowers will be seeking long-term mortgage repayment security, and happily, the 10-year market is flourishing.