The latest report on the average house price for the UK has been released by Halifax.  According to their recent house price index the average house price increased for the fourth consecutive quarter.  In comparison with the previous quarter, which was the last quarter of 2012, there was an increase of 1.2%.  The annual comparison showed an increase of 1.1% and in a month to month comparison, March had an increase of 0.2% over February which had an increase of 0.5% over January.

The increase in March brought the average price of a UK home to £163,943.  This average remains more than £35,000 below the August 2007 peak price of £199,612. 

There has been an optimistic expectation for a boost to the housing market due to the schemes introduced by the government to bring more home buyers to the market.  The Help to Buy scheme helps buyers to get into newly constructed homes under the purchase price of £600,000 with a lower deposit.  However, there is still reserved optimism with the continued weak economy that consumers will be slow to jump onto any programme that puts more of a debt burden upon them even if it is to purchase their own home.

Martin Ellis, housing economist with Halifax said, “Weak income growth and continuing below-trend economic growth are likely to remain significant constraints on housing demand during the remainder of this year.  Overall, we expect to see a modest increase in UK house prices during 2013.”

Current mortgage and remortgage interest rates are very attractive and lenders are in a competitive mode and seeking the attention of borrowers.  Those that are interested in remortgaging or buying should visit a lender or broker and seek to take advantage of the present day opportunities available.