House prices increased by 1.1% in April, the Halifax house price index revealed.
Tenth consecutive monthly rise, the longest run since 2016. House prices are up £47,568 over the last two years and average property price reaches another new record high of £286,079.
Northern Ireland now the UK area with strongest house price inflation. Rate of house price growth still expected to slow as incomes squeezed
Victoria Scholar, Head of Investment, interactive investor says: “UK house prices grew by 1.1% in April, marking the tenth consecutive monthly rise and the longest run since 2016. According to the Halifax house price index, house prices are up by an average of £47,568 over the last two years, pushing average property prices to a fresh record high of £286,079.
“Demand is sharply outstripping supply in the UK housing market, sending average prices to new highs in yet another contributor to inflation that the Bank of England so desperately wants to tackle. Mortgage data this week from the central bank saw lending rebound to a six-month high, driven by the robust housing market and perhaps as individuals and families try to lock in more favourable mortgage rates before rates push even higher. However, with dark clouds on the horizon with the cost-of-living crisis, an anticipated recession, interest rates marching higher and inflation to breach 10%, the housing market could be nearing its peak.”
Victoria Scholar, Head of Investment, interactive investor says, “European markets have opened the final session of the week down, taking their cues from the sharp sell-off on Wall Street overnight. Earnings continue to be front-and-centre with IAG slumping 7% to the bottom of the FTSE 100. Only a handful of stocks in the UK index are in the green with BAE Systems as well as the oil majors Shell and BP outperforming as crude prices push higher.”