According to data from Halifax, house price inflation has risen to the highest rate in almost a year.
New statistics from the UK’s biggest mortgage provider show that the average price of a house in the UK has reached £229,958, an increase of 3.7% since last year.
This rate of inflation is now significantly higher than the average wage growth, leading to fears that first-time buyers are being further priced out of the property market.
Scotland and the north faring better than London
The state of the housing market is not consistent across the UK, with property experts pointing to a stagnant market in London and the south of England, but a stable and growing price in the north and Scotland.
More and more Londoners are selling up and moving north where they can get much better value for money than in the capital. One in five buyers fleeing London now look to buy in the north or Scotland.
Fears over a disastrous no-deal Brexit are still worrying many in the property sector, but cautious optimism is the general consensus.
The number of first-time buyers has more than doubled since its lowest point in 2009 after the financial crisis.
The average house price in Glasgow is 1% higher than a decade ago, with an average property costing £121,940.
Contact Claphams Solicitors now
Whether you’re buying or selling a property, our team of dedicated conveyancing experts are here to help. Get in touch with our property lawyers today.