House Prices up by £10,000 since April
Figures from the Halifax today show that house prices have risen by almost £10,000 since April this year, primarily driven by a lack of supply. Prices jumped by 1.6% in September to leave the average house price standing at £165,000.These figures backup what we've begun to see in our latest Housing Market Indicators Report where we've begun to see house prices stabilising.
We still forecast uncertainty and some instability in prices - the current housing market is constrained by a lack of properties for sale. This can only be a temporary support for prices and any number of factors could lead to an increase in supply - more certainty in the economy, a loosening of financial constraints making it easier for people to get a mortgage and improving prices could encourage more people to sell their homes, all of which would depress prices again.
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