Property Rises 3 Year High

Halifax Property Prices Index Rises 3 Year High.

Halifax has released it latest property prices index suggesting that house prices are at a 3 year high, confirming Nationwide's stance that confidence in the property market has well and truly returned.

The Halifax property index rose in September alone by 0.3%.

On the year, Halifax suggest property prices have increased by 6.2%pa with the average house price now at £170,733.

London still drives the major increases, with property increases of around 10%.

Last week, Nationwide suggested that property had risen by 5% and both major indices are confirming the same thing.

From an estate agency and surveyors point of view, more properties are becoming available and more sale instructions and mortgage are being approved.

Comment

The Government this week, brought forwards by 3 months and launched the Help to Buy Mortgage Insurance Indemnity scheme for high loan to values for 95% mortgages and this is clearly another drive to stimulate the economy, although only state owned Lloyds Bank and Royal Bank of Scotland have so far backed the scheme.