Halifax has today released its latest UK property house price index for August 2018. The average house price in the UK in August 2018 fell marginally to £229,958 from £230,380 in July but still up on the £225,654 average for June.
Halifax found that house prices in August 2018 were 3.7% higher than in August 2017. This means the market has made a unexpected bounce up.
Seasonal interest and a lack of property availability prices mean't stability with just an increase of 0.1% in the month of August compared to 1.4% in July and 0.3% in June.
Comparing Halifax’s quarterly, June to August figures, house prices were up, just, at 1.9%.
It is a satisfactory increase over the last year as house prices remain relatively flat given uncertainty on Brexit, the economy and long awaited wage growth, which may now be starting to kick in.
Housing supply is low as people sit tight and wait for economic uncertainty to pass. Unemployment is still falling with even more people back in work over the last 3 months, so wage growth is now rising and with Summer ending and Brexit getting closer we may see property activity is slow until Brexit terms are known and so confidence may return.