Halifax has today released its latest UK property house price index for July 2018. The average house price in the UK in July 2018 has risen to £230,380 from £225,654 in June.
Halifax found that house prices in July 2018 were 3.3% higher than in July 2017. This means the market has made a unexpected bounce up.
Seasonal interest and a lack of property availability prices mean't increases of 1.4% in the month of July compared to just 0.3% in June.
Comparing Halifax’s quarterly, May to July figures, house prices were up, just, at 1.3%, taking into account May's falls.
It is status quo maintained over the last year as house prices remain relatively flat given uncertainty on Brexit, the economy and long awaited wage growth.
Housing supply is low as people sit tight and wait for economic uncertainty to pass. Unemployment is still falling with an additional 220,000 people back in work over the last 3 months, so wage growth is now rising and with Summer here, property activity is marginally up and so confidence may return.