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Sell My House Quickly found another interesting article about properties in Reading. UK house prices rise but cost of living crisis will cool market, says Halifax.

Living Crisis

April marks longest run of monthly increases since 2016 as average cost of home reaches record of £286,079.

UK house prices rose again in April, extending the longest run of monthly increases in six years, according to Halifax. However, the lender said rising interest rates and squeezed household budgets would cool the market over the next year.

The average cost of a home rose by 1.1% in April. The 10th consecutive monthly rise in the longest run since 2016, to a record high of £286,079.

The price of the average property is up 10.8% on the same month last year.

The homeowners enjoying an almost £50,000 increase in the price of their property over the last two years.

Halifax said that the pandemic-fuelled housing boom will continue for the time being. Since it was marked by buyers in a “race for space” as urban dwellers sought out more rural properties. It’s when flexible and remote working took hold.

“For now, at least, despite the current economic uncertainty, the strong increases we’ve seen in house prices show little sign of abating.” It was said by Russell Galley, the managing director of Halifax.

“Housing transactions and mortgage approvals remain above pre-pandemic levels, and the continued growth in new buyer inquiries suggests activity will remain heightened in the short-term. The imbalance between supply and demand persists, with an insufficient number of new properties coming on to the market to meet the needs of prospective buyers and strong competition to secure properties driving up prices.”

We found this article about UK house prices rise but cost of living crisis will cool market, says Halifax on The Guardian. Kindly click the link to read the full story.

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