Steady as she goes…housing market on even keel

House prices are holding steady with a slight increase in May, according to latest figures from the Halifax.

The banking giant and mortgage lender recorded a 1.5 per cent upturn in prices compared with the month of April and a 1.9 per cent increase on May of last year.

It marks a rebound against the Halifax’s April figures, which showed a drop, and takes the average price of a house in the UK to £224,439.

There are many factors influencing the housing market and the Halifax’s index is just one of several from different sources, including other mortgage lenders, the Land Registry and the Office for National Statistics.

What is important to remember is that market conditions can vary from area to area, and even within areas themselves.

This is where professional experience, depth of local knowledge and property expertise comes into its own.

A local, well-established agent such as Chinneck Shaw will have a forensic knowledge of the market; this means we can accurately value each individual property based on its own attributes and local market conditions when it goes up for sale.

Read more about the Halifax house price index at https://www.theguardian.com/money/2018/jun/07/house-prices-rise-by-15-in-may-halifax

Please don’t hesitate to get in touch with us for a more detailed and informed analysis about prices and market conditions in your area.