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House prices continue to increase


House prices have continued to rise for the ninth consecutive month. The average price increased by 0.7% in October to almost £172,000, creating an annual increase of 6.9%.

Despite this, price and demand is still yet to hit the same levels seen during the housing boom in 2007. However, mortgage lender, the Halifax did say that there has been an increase in demand from potential buyers as a result of low interest rates, higher consumer confidence and evidence of a sustainable economic recovery, therefore placing an ‘upward pressure’ on prices.

Additionally, there are signs of the number of sellers increasing, therefore increasing the number of properties on the market in the near future, whilst this is further supported by house builders who are reporting higher levels of activity.

However, there still remain some fears that these rapid price rises could be creating a housing bubble. Whilst the Halifax have stated that these levels remain below the 2007 peak, estate agents have further rejected these fears, stating that belief a housing bubble could be created are misplaced.
Joseph Murrock of was quoted as saying "In many areas of the UK, as the Halifax reminds us, house prices remain significantly below their 2007 peak. In some areas, they're still falling. For anyone inside the M25, this is easily forgotten."

However, Murrock did concede that London is at risk of “overheating,” and further claimed that the housing boom in the capital is “hugely distorting the image of the broader UK market."

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