The average house price climbed 1.4 per cent in July following a decline in June, according to the latest Halifax House Price Index.
The Halifax has the price of an average house at £186,322, up 3.6 per cent in the last three months (May – July 2014) compared to the preceding three months, and up 10.2 per cent compared to last July.
This bucks the trend of other indices which show house price growth slowing down. Nationwide’s latest index had growth at just 0.1 per cent in July.
Although home sales have edged down by 6 per cent since a recent peak in February, they are close to 103,000, the index shows.
Home sales during the April to June quarter were 21 per cent higher than in the same three months last year, according to seasonally adjusted figures.
New buyer enquires continue to ease, a trend that started in November last year.
On the other hand, the latest Halifax Housing Market Confidence Tracker indicates that sentiment towards selling is growing. Over half (57 per cent) of those surveyed believe the next 12 months will be a good time to sell, compared to only 32 per cent who feel it will be a bad time.
This is the highest score of this measure since the survey’s inception in April 2011.
Mortgages director Stephen Noakes says:
“While supply remains low, housing demand continues to be supported by a continuing economic recovery, growth in employment, improving consumer confidence and low mortgage rates.
“However, earnings growth is still lagging behind consumer price inflation.”
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