House prices rise by 2.6% - Mortgages - News - Moneyfacts

News

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

House prices rise by 2.6%

House prices rise by 2.6%

Category: Mortgages

Updated: 06/06/2013
First Published: 06/06/2013

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 It is now over 6 months old so the content may be out of date.

The price of an average property in the UK rose by 2.6% between May 2012 and 2013, according to the latest Halifax House Price Index.

Signs of improvement in the housing and mortgage sectors over recent months have helped drive up average property prices, as sellers attempt to achieve a higher price for their home.

The value of a typical home in May stood at £166,898, representing the sixth consecutive quarterly increase in prices.

Housing economist, Martin Ellis, said: "House prices continue to pick up gradually. Prices in the three months to May 2013 were 1.5% higher than in the preceding three months. This was slightly higher than the 1.3% increase in the three month-on-three month measure in April.

"Market activity has also improved slightly in recent months although home sales remain low by historical standards.

"Despite these recent signs of improvement in the housing market, the subdued economic background and the accompanying weak income growth continue to be a significant constraint on housing demand and activity," he concluded.

What next?

Compare 2 year fixed rate mortgages
Compare 5 year and over fixed rate mortgages
Compare variable and tracker rate mortgages
Mortgage repayment calculator

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 Any products featured may be withdrawn by their provider or changed at any time.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

Building societies winning the mortgage rate war

Competition is fierce in the mortgage market, and borrowers may assume that the rates from banks will be significantly lower than those elsewhere. However, things aren’t as they seem, as building societies are the winners of the mortgage rate war.

Homemover numbers fall for first time since 2011

The mortgage market enjoyed a record year in 2016, so it may come as a surprise to hear that the number of people moving home has fallen for the first time in five years, with fewer apparently taking advantage of the market.

2016: the best year for remortgaging since 2009

Remortgaging has certainly seen a surge in activity of late, helped in no small part by the dramatic drop in mortgage rates over the last year, so much so that 2016 as a whole proved to be the best year for the sector since 2009.
 
Close