Halifax Reports House Prices Increase In April By 1.6%
The Halifax has said that house prices have risen across the UK by 1.6% in April 2015 pushing the average cost of home across the UK to £196,500. The rise also means that we are on course to see prices rise by 8.5% for the current year.
The rise is bigger than most forecasts and is in contrast to the 0.4% fall in February.March saw an increase of 0.6% as we entered the spring market which is usually the busiest time in the housing market.
According to the Halifax the rise is due to a number of factors and is likely to continue over the next couple of months. It is likely that we may also see a boost in activity as the general election has returned the conservatives to power who will claim that they are the architects of the revival in the housing market.
Most people have been holding their breath over the last couple of months because it is very possible that a Labour government would have scrapped the help to buy scheme and could have caused panic in the housing market.
Rising employment and low interest rates are the main reason the market is doing so well but the fact that not enough homes are being built is also keep prices stable. There has been a boost to the number of buyers currently looking because pensioners are now able to invest their pensions in bricks and mortar as of from April 2015. This has also helped to push up prices. Confidence in the market is good with more people believing that it will be a good time to sell over the next 12 months.