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House prices soar by 13K....FRONT PAGE
Sibley
Posts: 1,557 Forumite
Tag team Sibley & O'Grady put HPC to the sword....:beer:
House prices soar by £13,000: Values rise at fastest rate for 3 years
PROPERTY prices are racing ahead at their fastest rate in more than three years.
By: Sarah O’Grady
Schemes like Help to Buy could risk inflation a house bubble [GETTY]
Average values have rocketed almost £13,000 in the past 12 months.
According to Britain’s biggest mortgage lender, prices were 6.9 per cent higher in October than a year earlier. This means a typical three-bedroom semi now costs £171,991 – a rise of £12,834.
The latest Halifax house price index showed October’s increase was the strongest since May 2010 and follows a 6.2 per cent year-on-year upswing the previous month.
A 0.7 per cent month-on-month rise also marked the ninth consecutive increase.
And the surge is set to continue. One leading estate agent is predicting values across the country will rise by a quarter in the next five years, adding £43,000 to average prices. This would push the value of a typical house to £214,000.
Halifax house price index showed October’s increase was the strongest since May 2010 [GETTY]
Bournemouth, Brighton and Windsor are towns across the South expected to see average prices go up by almost a third by 2018.
Surging prices will also be seen in affluent parts of the South-west and the Midlands, such as Bristol, Bath and Solihull and, in eastern England, price increases of 31 per cent are expected.
A typical three-bedroom semi has risen by £12,834 [GETTY]
Lucian Cook, of Savills, said: “With strong positive sentiment, we expect prices to rise by 17 per cent in the next three years alone.” Experts said demand was in part fuelled by the Government’s mortgage scheme Help To Buy. Ultra-low interest rates have also put mortgage payments for new borrowers at their most affordable for 14 years.
Jonathan Hopper, of buying agents Garrington Property Finders, said: “Buyer confidence has been stoked by a run of upbeat economic news and cheap mortgages, and a wave of pent-up demand has been unleashed by people’s nagging fear of being left behind as prices head skywards.” Halifax spokesman Martin Ellis said: “Low interest rates, and higher consumer confidence supported by the increasing evidence that a sustainable economic recovery may now be under way, are helping to increase housing demand.”
Areas such as Bristol, pictured, and Bath will be hit by surging house prices
House prices soar by £13,000: Values rise at fastest rate for 3 years
PROPERTY prices are racing ahead at their fastest rate in more than three years.
By: Sarah O’Grady
Schemes like Help to Buy could risk inflation a house bubble [GETTY]Average values have rocketed almost £13,000 in the past 12 months.
According to Britain’s biggest mortgage lender, prices were 6.9 per cent higher in October than a year earlier. This means a typical three-bedroom semi now costs £171,991 – a rise of £12,834.
The latest Halifax house price index showed October’s increase was the strongest since May 2010 and follows a 6.2 per cent year-on-year upswing the previous month.
A 0.7 per cent month-on-month rise also marked the ninth consecutive increase.
And the surge is set to continue. One leading estate agent is predicting values across the country will rise by a quarter in the next five years, adding £43,000 to average prices. This would push the value of a typical house to £214,000.
Halifax house price index showed October’s increase was the strongest since May 2010 [GETTY]
Rises are driven by a mix of fear and confidence
Jonathan Hopper
In some areas, values could soar by even more, the research by Savills found.Jonathan Hopper
Bournemouth, Brighton and Windsor are towns across the South expected to see average prices go up by almost a third by 2018.
Surging prices will also be seen in affluent parts of the South-west and the Midlands, such as Bristol, Bath and Solihull and, in eastern England, price increases of 31 per cent are expected.
A typical three-bedroom semi has risen by £12,834 [GETTY]Lucian Cook, of Savills, said: “With strong positive sentiment, we expect prices to rise by 17 per cent in the next three years alone.” Experts said demand was in part fuelled by the Government’s mortgage scheme Help To Buy. Ultra-low interest rates have also put mortgage payments for new borrowers at their most affordable for 14 years.
Jonathan Hopper, of buying agents Garrington Property Finders, said: “Buyer confidence has been stoked by a run of upbeat economic news and cheap mortgages, and a wave of pent-up demand has been unleashed by people’s nagging fear of being left behind as prices head skywards.” Halifax spokesman Martin Ellis said: “Low interest rates, and higher consumer confidence supported by the increasing evidence that a sustainable economic recovery may now be under way, are helping to increase housing demand.”
Areas such as Bristol, pictured, and Bath will be hit by surging house prices We love Sarah O Grady
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Comments
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HPC chain gang are chocking on their cocopops this morning. Good.0
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now if only the BOE hadn't inflated its balance sheet by 400%, we didn't have record low interest rates, ultra cheap credit, Help to buy 1 and help to buy 2 and we had increasing wages this would be good for the economy !!!0
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Chicken feed when compared to Bitcoin.0
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Bitcoin eeuurrgghhhh, invest in something properly and this is the wrong board for dodgy bit coin ramping0
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My God what an idiot. No wonder he had to go to Thailand to get himself a "girlfriend"0
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