UK Property Prices Continue To Grow In January 2016 According to New Report.
Published: 8th February 2016
A new report out from one of the UK's largest mortgage providers has shown that property prices in the UK are continuing to grow into the New Year, with house prices in the UK increasing by 2.2% in the past three months when compared with the previous quarter.
The figures released by the Halifax went on to show that UK prices were in fact up 9.7% year on year, and 1.7% when compared with property values for December 2015. The figures confirm the strong overall market sentiment towards property prices in the UK, as the imbalance between demand and supply continued to exhert upwards pressure on UK property prices.
Martin Ellis, Chief Housing Economist for the Halifax, acknowledged the house price growth, but went on to state that future growth may be lower due to affordability challenges as property price increases continue to exceed average wage growth.
The report comes at a crucial time for the UK property market, as investors look to assess the long term impacts of key drivers such as long term low interest rates as well as the impending stamp duty tax increases.