House prices rise at fastest rate in almost a year, says Halifax
House prices in the UK have increased to their highest rate in almost a year, accelerating at an annual rate of 3.7 per cent a year. This was the finding of a report by the UK’s leading mortgage lender, Nationwide.
According to Nationwide, in August this year, the cost of an average property in Britain reached a record figure of £229,958.
Russell Galley, Nationwide’s Managing Director, spoke of the upsurge in house prices.
“A low unemployment rates and a gradual pickup in wage growth are helping support household finances. This has been accompanied by interest rates still remaining at a historically low rate and a stable, yet constrained, supply of new homes onto the market further supporting house prices,” said Galley.
This optimistic outlook of house prices in the UK continuing to rise, corresponds to similar positive data published by Nationwide, which showed house prices rose by 2 per cent on year for September. In light of Nationwide’s figures, the property industry in Britain has been hailed as “stable”.
Even in London, where Brexit uncertainty has led to economists fearing house prices could be negatively affected, property prices are only three per cent below their all-time high in early 2017.
With house prices continuing to rise in Britain but at a more modest and affordable rate and the industry being described as stable, now could be a good time to invest in property in the UK.
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