Low Property Stock Boosts UK House Prices
 
House prices in the UK are continuing to grow at a steady rate, as a result of a low supply of properties for sale.
 
According to the Halifax Price Index, annual house price growth was 2.2 per cent for the three months leading to April 2018. This is despite a 0.1 per cent decline from the preceding quarter between November and January.
 
Managing director of the financial services provider Russell Galley stated that while housing demand “has softened” for the first part of the year, prices are still being supported by a lack of properties available.
 
“Housing supply – as measured by the stock of homes for sale and new instructions – is also still very low,” he said.
 
This, together with falling unemployment rates, a strong labour market and wages starting to increase, will help household finances and keep house prices continually rising.
 
He expects the annual growth rate will remain between zero and three per cent for the remainder of 2018.
 
The cost of a typical home in the UK is currently £220,962. However, with further housebuilding schemes taking place adding more properties to the property stock, this could come down, making it easier for homebuyers to get on the property ladder.
 
Indeed, the latest IHS Market/CIPS UK Construction Purchasing Managers’ Index revealed construction activity rebounded in April, due to a boost in residential projects.
 
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