UK house price growth continued to rise last month, as the number of properties on the market shrunk and employment growth provided a boost to the sector.
The average price of a house rose by 1.1 percent to £222,293 in August, according to the latest figures from Halifax, with the market seeing an annual increase of 2.6 percent.
This figure is up from an annual rate of 2.1 percent in the three months to July, which was a four-year low.Russell Galley, the Halifax managing director, said:
“Recent figures for mortgage approvals suggest some buoyancy may be returning, possibly on the back of strong recent employment growth, with the unemployment rate falling to a 42-year low.
Alex Michelin, co-founder of CapitalRise, the property investment firm, commented on the figures:
“Aspiring home-owners shouldn’t see today’s increase in UK house prices as bad news, but view it as an opportunity. The fact that there is still a rise in prices demonstrates the resilience of the property market in the UK, despite all the negative headlines about Brexit.
“While the stock and bond markets appear overvalued and vulnerable to political events and economic uncertainties, property in the UK remains strong and a great place for investors to place their money.
“The property market offers a strong, stable and tangible asset, and with areas like Kensington, Chelsea and Westminster in London remaining Britain’s most expensive postcodes, these are prime areas to invest in. Overall, our confidence in UK property investment remains high, with our team of experts continuing, to invest their personal money in British prime real estate”, Michelin concluded.