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House price increases at three year high


The renewed faith in the housing market has been reflected by reports from the Halifax that house prices are rising at their fastest rate in three years due to increasing demand for properties.

The average UK house price in the three months to September was £170,733, 6.2% higher than a year earlier and the highest rate since June 2010. The Halifax claimed that the increased demand for property is as a result of a combination of low interest rates, improving consumer confidence as well as a host of government schemes including the ‘help to buy’ scheme. The ‘help to buy’ scheme has recently seen the second stage brought forward by three months to reflect it’s perceived success in kick-starting the housing market.

Furthermore, there are also signs that more houses are coming onto the market. This has come as a result of price rises meaning that home-owners now have more equity in their home, enabling them to put their home on the market.

However, concerns that a housing bubble could be caused by increasing demand too much are still apparent and it’s advised by some to be vigilant if deciding to enter the housing market.

If you have any questions regarding the housing market and how it might effect you, don’t forget that our team of qualified financial advisers are on hand to answer your initial questions within 60 minutes* FREE of charge during office hours.

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