News

UK Housing Market Boom Carries on Through Last Year

UK Housing Market Boom Carries on Through Last Year

UK house prices are only one of the many facets of the market which hold great meaning and make it possible to rate the strength or weakness of the moment. The first official house price stats are now public and growth in house prices remains the headline as the housing market boom rages on. Average house prices across the country surged an additional £13,000.

The average house price from January now sits at £218,255 which is an increase of £1,000 over a month prior in December. Year on year, it is an increase of £13,000 when compared with last January. These figures are hard confirmation that the strength of the UK housing market is present more than ever and refuses to be shaken, especially considering the politics and taxes which created waves last year.

Additional statistics released by the Office for National Statistics and the Land Registry indicate average prices of residences are up more than 6% on the year. Mortgage Lending is strong, remortgage lending is strong, and demand for housing remains strong across the country.

Russell Quirk, chief executive of the online agents eMoov, commented on the latest market data to emerge, saying: “Although mortgage based indices like Halifax and Nationwide offer an indication on how the market is behaving, this first set of 2017 data from the Government provides a concrete look on how the market has emerged from an up and down 2016.

“Prices have continued their upward trend and the market looks strong heading into 2017.

“Next Wednesday’s triggering of Article 50 is predicted by some as an apocalyptic end to the world, but there’s also a chance it will further stabilise the market as the current period of Brexit limbo experienced since last June will finally come to a close.”

Quirk added: “In many cases, the uncertainty of an outcome can be far more detrimental than the outcome itself and it is clear that many buyers and sellers have been holding tight on a sale until a decision is made.

“It is actually the markets like the South East and London in particular where the most detrimental impacts of Brexit have been forecast that have continued to see the strongest price growth.”

Obligation Free Remortgage Quotations

Get a Quote »