Halifax House Price index up 8.2% on last year

Halifax House Price index up 8.2% on last year

10:04 AM, 10th May 2021, About 7 months ago 7

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The latest Halifax House Price index reflecting April figures is showing house prices were 8.2% higher than in April 2020 with the average house value now £258,204. On a monthly basis, house prices in April were 1.4% higher than in March and in the latest quarter (February to April) house prices were 0.9% higher than in the preceding three months (November to January).

HMRC monthly property transactions data for UK home sales increased in March 2021 to their highest ever level. UK seasonally adjusted residential transactions in March 2021 were 190,980 – up by 32.2% from February (up 49.6% on a non-seasonally adjusted basis). The latest quarterly transactions (January-March 2021) were approximately 31.2% higher than the preceding three months (OctoberDecember 2020).

Year on year, transactions were 102.4% higher than March 2020 (107.9% higher on a non-seasonally adjusted basis). (Source: HMRC, seasonally-adjusted figures)

Russell Galley, Managing Director, Halifax, said: “House prices in April eclipsed the record high set the month before as the market continued to maintain its recent momentum. In cash terms, almost £20,000 has been added to the value of the average home since the market had essentially come to a standstill in April 2020.

“The stamp duty holiday continues to add impetus to an extremely active market, magnifying the current shortage of available homes as buyers aim to take advantage of the Government scheme. The influence of the stamp duty holiday will fade gradually over the coming months as it’s tapered out but low stock levels, low interest rates and continued demand is likely to continue to underpin prices in the market.

“However, we do expect recent levels of activity to be sustained over the short-term as buyers continue to search for homes with more space and potentially better suited for their new working patterns. Savings built up over the months in lockdown have given some buyers even more cash to invest in their dream properties, while the new mortgage guarantee scheme may have eased deposit constraints for some prospective homebuyers who previously thought their first step on the housing ladder was a few years away.

“There is growing optimism in the long-term outlook of the UK economy as the vaccination programme continues at pace, yet we remain cautious about the medium-term prospects of the housing market. As we said in March, the current levels of uncertainty and potential for higher unemployment as furlough support ends leads us to believe that house price growth will slow to the end of the year.”



Comments

by Mick Roberts

11:39 AM, 10th May 2021, About 7 months ago

Wow 8%.
Makes the pain of all the latest rules & onerous regs & not being able to sell the houses cause tenants can't secure anywhere any more, a bit less painful as at least we know we made some money in the bank (the house).

by silversurfer2017

12:01 PM, 10th May 2021, About 7 months ago

Unless of course you have an apartment as since Covid most flats have fallen in value. People now want the outside space afforded by houses especially if working from home.

by Mick Roberts

12:21 PM, 10th May 2021, About 7 months ago

Reply to the comment left by at 10/05/2021 - 12:01
That's a point.
I only have 4 flats, 2 of the tenants been in over 18 years & say they never moving, so I may not get chance to ever sell them.
But those for sale, have seen increases.
Although the Agents tell me People would rather rent 2 bed house than buy 1 bed flat for cheaper money. I know what I'd rather do, struggle for few years in flat, then upgrade & not waste any money on rent.

Has the posher apartments not gone up then? As mine (paid 18k for first flat) are around the 80k mark. Cheaper than the 130k houses surrounding them.

by silversurfer2017

14:05 PM, 10th May 2021, About 7 months ago

I am struggling to sell a modern 2 bedroom, 2 bathroom flat, with a EWS1 certificate with an extended lease and a negotiated RPI reduced ground rent for £335,000. A similar flat in the same block without extended lease and still having the existing onerous 10 year doubling ground rent sold in September 2019 for £345,000. This will be the first property I have sold (if I sell it) that I have lost money on. If I had bought a 2 bedroom town house instead I would be selling at a profit.

by Mick Roberts

6:59 AM, 11th May 2021, About 7 months ago

Reply to the comment left by at 10/05/2021 - 14:05
Wow, where is the flat?
I know nothing of the more expensive stuff, only my cheap 100k Nottingham stuff.

Sep 19 3 bed houses here were approx (in my areas) 95 100k, then now May 2021 130 140k+ & people queuing for em-At the moment.

by silversurfer2017

7:47 AM, 11th May 2021, About 7 months ago

Reply to the comment left by Mick Roberts at 11/05/2021 - 06:59
Windsor - 15 minutes walking distance to Windsor Castle

by Mick Roberts

11:16 AM, 11th May 2021, About 7 months ago

Reply to the comment left by at 11/05/2021 - 07:47
There u go. Mine are 15 seconds walk to the drugs den ha ha.


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