Halifax Reports Record Average Property Price

Halifax reports the average property worth a record £294,845 Prices are up up 13% in year to June. Annual growth is strongest in Northern Ireland. Click the photo to read more....

The average UK property rose in price by 13% to a record £294,845 in the year to June 2022, according to the latest property market data from Halifax, part of the Lloyds banking group, writes Andrew Michael.

The company said the annual growth figure is the highest since 2004 and described the UK housing market as defying “any expectations of a slowdown”.

It added that house prices jumped by 1.8% in June this year, the 12th monthly price rise in a row, and the largest month-on-month increase in 15 years.

Regionally, the largest annual rises in June were recorded in Northern Ireland where the average property price increased by 15.2% to £187,833. This was followed by Wales, where prices now stand at £219,281, a rise of 14.3%.

The South West was England’s strongest performer with average properties worth £308,128, a hike of 14.2% on the year.

The latest house price figures are set against a backdrop of rising UK interest rates and steepling inflation – currently at 9.1% and expected to climb higher – plus a wider cost-of-living crisis raising fears of recession.

Russell Galley, Halifax managing director, blamed the UK’s current supply-demand imbalance as the continued reason behind the nation’s surging house prices: “Demand is still strong, though activity levels have slowed to be in line with pre-Covid averages, while the stock of available properties for sale remains extremely low.”

Here at MILLBANKS we are seeing similar patterns.

Stock levels remain low and we are still seeing a strong demand in all types of property.

The slowdown predicted by so many has yet to materialise in any real sense, despite an increase in borrowing costs and a squeeze on household incomes.

If you are thinking of SELLING your property, do contact the office on Tel: 01953 453838 and we will be happy to arrange a free valuation of your property.

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