House Prices Rocket By £3,000 In April Despite election
New data released by the Halifax has shown that house prices across the UK rose by £3,000 or 1.6%. This rise comes despite predictions of a slowdown due to the general election. Prices now look set to rise further now that a Conservative government has been installed and the UK property market can continue to grow.
Halifax has predicted that house price inflation could top 5% this year but let's be honest these predictions are usually wrong as house price inflation is likely to be higher that so called expert predictions. More often than not these forecasts are wrong as has been proven on many occasions.
House prices still rising faster than wages
House prices are still continuing to rise faster that wages growth and house prices are being supported by the lack of available properties for sale, rising employment and a growing population. The fact that the Conservative Party is in power will boost house prices as buyers and sellers look to take advantage of the various incentive schemes that are currently on offer.
According to other experts the market could slow down over the coming months particularly in London but other parts of the UK could pick up as they catch up with price in London. The market is being fuelled by low interest rates and the help to buy scheme. In the short-term the brakes are off as the threat of a Labour government has now gone. The average price of a home across the UK is now £196,000 and climbing.