Property Market Remains Flat With Slow Annual Growth

The property market has had a fairly uneventful year, with prices only rising slightly over the last 12 months.

According to the latest Halifax House Price Index, the annual price change of an average home in the UK was 1.8 per cent, with a monthly increase of 0.3 per cent in June.

This took the typical cost of a house in the UK to £225,654 last month, just £8,034 more than it was in June 2017.

Commenting on the recent findings, managing director at Halifax Russell Galley said: “Activity levels, like house price growth, have softened compared with the final months of last year.”

This could be due to a lack of homes available to buy, as the job market is growing in strength and real household income has grown in the last year, Mr Galley noted.

“We continue to see very positive factors of continuing low mortgage rates, great affordability levels and a robust labour market. The continuing shortage of properties for sale should also continue to support price growth,” he added.

There could be an increase in demand for concrete reinforcement in Wakefield if more newbuild properties are given the go ahead.

Last month, Leeds Building Society made it easier for homebuyers wanting to pursue self-build housing, as it extended its mortgage offers by up to six months.

This is going to be a great help for those who want to build a new property from scratch, but do not want the risk of the house not being completed by the time the mortgage offer comes to an end.