03.11.2014
According to the latest figures, property prices increased by 0.5 per cent month-on-month, reaching an average of £189,333. Property values are nine per cent higher when compared with the same month in 2013.
However, the price increase witnessed in October is slower than in previous months, suggesting the housing market is beginning to lose momentum in the run-up to Christmas.
Some experts have claimed this levelling off of price rises indicates there is solidity in the housing market following a period of rapid prices increases as values recovered to surpass pre-recession levels.
Howard Archer, chief UK and European economist for IHS Global Insight said that buyer interest is unlikely to fall away in the coming months and elevated consumer confidence and rising employment levels will ensure the housing market remains positive and purchases continue to take place.
Average House Prices Have Reached £189,333
New figures published by Nationwide Building Society have revealed that average house prices have reached an all-time high in October, recovering from a slight dip in September.According to the latest figures, property prices increased by 0.5 per cent month-on-month, reaching an average of £189,333. Property values are nine per cent higher when compared with the same month in 2013.
However, the price increase witnessed in October is slower than in previous months, suggesting the housing market is beginning to lose momentum in the run-up to Christmas.
Some experts have claimed this levelling off of price rises indicates there is solidity in the housing market following a period of rapid prices increases as values recovered to surpass pre-recession levels.
Howard Archer, chief UK and European economist for IHS Global Insight said that buyer interest is unlikely to fall away in the coming months and elevated consumer confidence and rising employment levels will ensure the housing market remains positive and purchases continue to take place.
Expert Opinion
Growing consumer confidence, rising employment levels and an expected delay on an increase in interest rates means that the housing market is remaining positive and prices are continuing to increase as buyers look to make purchases. <br/> <br/>“With such a competitive market and prices showing further signs of increasing it is vital those looking to buy a home are in a position to act quickly to secure a property. <br/> <br/>“Moving at this time of year is very popular as buyers want to be in their new homes by Christmas. As a result, we regularly see an increase in instructions at this time of year.” Helen Hutchison - Partner
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