House prices have risen by 5.4 percent since last summer with increased activity in the property market, according to the latest figures from Halifax.
The growing rates are not only good news for property owners but also tradesmen looking for work in the sector. Joiners and builders on the Wirral and across the UK can certainly expect to see demand rising in the coming months.
The bank said that prices increased by 0.4 percent in August, the seventh month in a row to show growth.
House prices from May to July were 5.4 percent higher than those from same period in 2012, which was an improvement on the 4.6 percent rise seen in July, as well as being the highest annual rate for more than three years. The annual rate has improved from 1.1 percent back in March.
Martin Ellis, a housing economist at Halifax, said that we can expect to see yet more growth in house prices:
“Overall, house prices are expected to rise gradually over the remainder of the year. Halifax’s report follows similar findings from building society Nationwide last week that the housing market revival is gathering pace.”
Property websites, estate agents, surveyors and lenders have all reported healthy increases in activity after the Funding for Lending scheme was launched. It resulted in a huge rise in mortgage rates and availability.
Other schemes, including Help to Buy and NewBuy, have also been launched in attempts to help people with small deposits get on to the ladder.