House prices continue to rise at the fastest rate since 2010
Figures show that house prices are rising at their fastest rate for three years - currently at an average of £169,624.
According to telegraph.co.uk, the Halifax house price index showed that house prices in July were 4.6 per cent higher than those of July last year. House prices have also increased by 0.9 per cent month-on-month, marking the sixth consecutive rise the market has seen this year.
House sales are also up by six per cent compared to the same time last year, which is good news for property owners and estate agents.
Halifax housing economist, Martin Ellis noted that the boost in the economy has likely lifted the confidence of prospective buyers. He also said that housing schemes such as Help to Buy and the Funding for Lending scheme may have helped too, by boosting the housing demand. Halifax expects to see house prices continue to rise for the rest of the year, reports independent.co.uk.
However, chief executive of mortgage broker SPF Private Clients, Mark Harris warned the recovery will be long and slow.
"While the number of transactions continues to rise and the Council of Mortgage Lenders also report that lending numbers are the strongest they have been since 2008, this will be a long, slow recovery. Much ground has been lost and transactions and lending levels are running at a fraction of what they were at the height of the housing boom," he said.