House prices rocket almost £9,000 in just eight months as confidence rises and shortage of homes for sale hits
House prices are continuing their steady climb with annual property inflation at its highest for nearly three years, according to the latest Halifax price index. Property values in the three months to June were 3.7 per cent higher than in the same period last year. The last time annual growth was this strong was in August 2010, when prices increased by 4.6 per cent, the bank says. According to the statistics, the average house price in Britain is now £167,984. Just eight months ago, this figure was £159,313 – or £8,671 less.
Strong growth: House prices have surged in the last 12 months according to the latest Halifax index.
On a quarterly basis, prices were up 2.1 per cent compared to the previous three months, edging above the one-two per cent range recorded throughout the first five months of the year.
Giles Hannah, managing director of London agency VanHan, says: ‘The annual growth in house prices is at its highest in nearly three years, clear evidence that the market continues its steady improvement’.