House prices see average increase of £4,000
Latest research from Halifax has highlighted a 6.5% increase in property prices throughout 2016.
The monthly house price report published by the national bank saw a new national house price average of £222,484 in December, taking the total month-on-month rise to 1.7%. This equates to an impressive £4,000 increase in UK house prices just in December alone. This is the biggest price surge seen since before the EU referendum took place in June.
According to Halifax, the December house price increase is a new all-time high, with the earnings to house price ratio now almost back to the same level they were before the recession struck in 2007. House prices in the final quarter of 2016 were also 2.5% higher than they were in Q3, with confidence coming back into the market following on from the Brexit result.
The news follows on from reports earlier in the year that the referendum result hadn’t shook the housing market, with positivity still high and demand for property very much intact. As we enter into 2017, it appears this buoyant market will continue with house prices remaining steady through much of the UK, particularly the north where the buy to let sector continues to thrive.
Graham Davidson, Managing Director of Sequre Property Investment, comments on the latest findings from the house price report:
“With 2016 being a fairly unpredictable year for property and buy to let, results like these are really promising. It just goes to show how resilient the UK housing market can be. The demand for property is certainly there at the moment and at Sequre, we’re still seeing high numbers of new enquiries from buy to let investors every day.”
“From the results we’ve seen from this report by Halifax, there really appears to be no cause for concern. As we enter into 2017 with a promising outlook, it seems the housing market in the UK is performing well across the board. Tenant demand is up, first time buyer numbers are increasing and buy to let is still the best performing investment there is - so those wanting to buy are still best to do so now if they want to ensure they get the best possible deal before house prices continue to rise.”
If you’re interested in making 2017 the year you venture into buy to let, call our team today. We specialise in sourcing property in bulk, meaning we are able to negotiate genuine discounts on our deals, regardless of whether you purchase one, or several. Most properties are completely off market too. To find out more, call our team today on 0800 011 2277.