14 Nov 2019
House prices in Britain are showing signs of a rebound amid the country’s political unrest brought on by Brexit.
Despite the ongoing political uncertainty, the UK property market has remained propped up, boosted by a small rise in mortgage approvals and a slight increase in wage growth.
As per recent figures from Halifax House Price Index, house prices climbed 0.9% in the 12 months to October 2019, with the average house price now seen at £232,249. Although house prices dipped slightly by 0.1% over the past month, they were seen increasing 0.2% on a quarterly basis.
Moreover, September experienced a surge of 5% in the number of property transactions recorded in Britain, reaching the highest level since August 2017.
According to data from the Land Registry, house prices rose at an annual rate of 1.3% during the month of September, unchanged from the previous month.
Northern Ireland recorded the strongest house price growth, where prices increased by 4% over the year.
According to provisional data based on 85% of transactions in July, house sales in the UK were up 3.3% annually across the country.
The increase was led by Wales, which witnessed a rise of 6.4%, followed by 4.9% in Northern Ireland, 3.3% in England and 0.9% in Scotland.
Chief property analyst at Yopa, Mike Scott said: “The official Government House Price Index for September confirms a slow but stable housing market, with average house prices rising by just 1.3% over the year, slower than the rates of both consumer price inflation and wage growth. House prices are thus becoming slightly cheaper when compared with consumer prices in general, and as a proportion of average earnings.
“However, this represents something of a recovery for London, which was declining at an annual rate of 3% recently as May. An Annual fall of only 0.4% is its best performance since November last year.”