Prices Hit Record

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The Sell My House Quickly found another interesting article about Oxford. House prices hit record high in May but are showing signs of cooling.

Prices Hit Record

House prices have hit a record high in May, however the market is showing signs of cooling, according to an index.

The average house price hit a record of £289,099 as across the UK typical property value increased by £2857 month on month, according to Halifax.

An imbalance between supply and demand for properties remains the main reason that is driving the climb in house prices, the report added.

Russell Galley, managing director, Halifax, said: “The average cost of buying a home in the UK is up 1%, or £2,857, on last month, and has now risen for 11 consecutive months.

He continued: “For house-hunters, the extent of the impact of property price inflation continues to be linked to the type of home they are looking to buy.

“Compared to May last year, you’d need around £10,000 more to buy a flat, but an additional £50,000 for a detached home.

“This clearly creates a knock-on effect for those looking to make their first home move, as the rungs on the housing ladder have become increasingly wider.

“However, the housing market has begun to show signs of cooling.

“Mortgage activity has started to come down and, coupled with the inflationary pressures currently exerted on household budgets, it’s likely activity will start to slow.

“So, there is perhaps one green shoot for prospective purchasers – with overall buying demand down compared to last year, we may be past the peak sellers’ market.”

Northern Ireland had the strongest annual house price inflation in May, seeing prices rise by 15.2%.

The South West of England also recorded a strong rate of annual growth at 14.5%.

In Wales, house prices jumped by 13.7% annually, pushing the average house price there to a record £216,120.

We found this new article about Oxford City Council to clamp down on rogue landlords through selective licensing on Oxford Mail. Kindly click the link to read the full story.

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