In recent reports, The BBC, The Halifax and The Guardian are reporting the biggest jump in house prices in April 2019 for the last 2 years.
The Halifax, part of Lloyds Banking Group, the biggest mortgage lender in the country, reported: Prices have risen 5 per cent in the three months to April, compared with the same point last year. This is the fastest annual growth rate since February 2017.
In the three months to March 2019 prices were only growing at 2.6 per cent.
So what is the reason for the increase?
Some say that Brexit has negatively affected house prices. Others say that as the London housing market has stalled, the rest of the country has benefited.
The reality is there is still a shortfall of around 2.5 million houses across the UK. Demand remains high for both property ownership and buy to let investment.
Mortgages are still readily available with interest rates continuing at an all time low.
Average house prices increased
The Halifax also reported that average house prices hit a low of £154,663 during the 2009 financial crash. Since then, average prices have increased by £81,956. A whopping 53 per cent!
Signs of a healthy housing market
Although the current political client is still uncertain, the housing market remains strong and healthy. If anything, these figures show that buyers and sellers remain defiant and wish to continue as usual with moving home.
Nottingham housing market
Nottingham house prices are continuing to grow month on month. The city has seen a house price increase every month for a number of years. Nottingham has been in the top 3 cities across the whole of the UK for price growth throughout almost all of 2019.
You can read more about this in our latest blog post.
How much is your house worth?
If you are looking and moving home then take advantage of this large price rise. Find out how much your house is worth for free by using the form below or calling 0115 924 3304.
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