House prices up £15,000...
MORE than £15,000 has been added to house prices over the past 12 months, Britain’s biggest mortgage lender said yesterday.
Values rose 9.2 per cent annually and 1.5 per cent in the three months to April, according to Halifax.
The price of a typical threebedroom semi is now £212,321, up from £196,958 in April 2015 – a rise of £15,363.
Property sales shot up from 116,930 in February to 165,480 in March, the highest monthly total since records began in April 2005.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “House prices continue to climb year on year.
“While Halifax reports confidence dipping among consumers, most likely because of the uncertainty concerning the EU referendum, lenders are keen to keep business coming through the door by offering competitive rates and easing criteria.
“With lenders having plenty of money to lend, they can either cut rates – which are already pretty low – or ease criteria, so we expect to see plenty of the latter in coming weeks.
“For those looking to get a mortgage or re-mortgage, now is a good time to do it.”
Several estate agents, including Foxtons, Countrywide and Savills, have warned that property transactions are likely to fall in the second quarter amid jitters and uncertainty over the outcome of the EU referendum on June 23.
Martin Ellis, Halifax’s housing economist, said: “Current market conditions remain tight as the severe imbalance between supply and demand persists.”