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Halifax's, Russell Galley comments:
The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, continues to support house prices and is likely to do so over the coming months. Increasing pressure on household finances and continuing affordability concerns are some of the factors likely to dampen buyer demand. That said we do not anticipate the Base Rate rise will be a barrier to buying a house.”
The latest Halifax House Price Index
Other comment-
Jonathan Hopper of Garrington Property Finders, comments:
“The orthodox view of the property market’s regional polarisation has now been turned completely on its head.
As the climate in London becomes ever more wintry, it’s springtime in many of the regions – with several local markets bursting into bloom as prices rise in response to brisk levels of demand.
Underlying this shift is a steady flight of equity from London – and other overheated regions – to areas with greater affordability.
The net effect is to put downward price pressure on many of the regions which saw the frothiest rates of growth during the boom. The pressure is most acute on high value homes, for which demand has never properly recovered since the imposition of punitive rates of Stamp Duty three years ago.
Against that backdrop, the only sellers gaining substantial traction are those willing to be realistic in their pricing, and on the front line we’re seeing buyers at all price points become deeply price sensitive.
Though supply is often critically low, most buyers will happily walk away from a property they feel is not priced fairly.
While the impact of the base rate rise has yet to be fully felt, Britain’s economic fundamentals – in which real wage growth is now well behind the pace of consumer price inflation – mean that affordability will be a key factor in the coming months.
Nevertheless the prospect of further interest rate rises may nudge hesitant buyers into taking the plunge now to lock into a favourable rate.
The Halifax’s top line rate of growth is solid, but it masks a growing regional divide and a profound price sensitivity among buyers which should ensure price rises stay well shy of the unsustainable rates of growth seen in the boom years.”
House prices rise at fastest rate since January, says Halifax https://t.co/vx9GwXGpYi
— Telegraph Property (@TeleProperty) November 7, 2017
UK house prices continue to rise strongly, says Halifax https://t.co/4VBjoReF3A— BBC Business (@BBCBusiness) November 7, 2017
House prices rising at fastest since start of year, says Halifax https://t.co/xv2gVoNDCD
— Guardian Money (@guardianmoney) November 7, 2017
Average UK house price reaches high of £225,826 > more from clients @SPFPrivClients @jeremyleaf https://t.co/O2ubC2Ofax via @moneyaol— Melanie Bien (@melaniebien) November 7, 2017
Halifax says average house price has hit nearly £226k https://t.co/RmCZAsc0Pq clients @SPFPrivClients @jeremyleaf comment via @ThisIsMoney— Melanie Bien (@melaniebien) November 7, 2017
Jonathan Hopper of Garrington Property Finders, comments:House price growth rises to 4.5% driven by weak supply - Halifax - https://t.co/4TlgKQ18U7— Mortgage Solutions (@mortgagesols) November 7, 2017
“The orthodox view of the property market’s regional polarisation has now been turned completely on its head.
As the climate in London becomes ever more wintry, it’s springtime in many of the regions – with several local markets bursting into bloom as prices rise in response to brisk levels of demand.
Underlying this shift is a steady flight of equity from London – and other overheated regions – to areas with greater affordability.
The net effect is to put downward price pressure on many of the regions which saw the frothiest rates of growth during the boom. The pressure is most acute on high value homes, for which demand has never properly recovered since the imposition of punitive rates of Stamp Duty three years ago.
Against that backdrop, the only sellers gaining substantial traction are those willing to be realistic in their pricing, and on the front line we’re seeing buyers at all price points become deeply price sensitive.
Though supply is often critically low, most buyers will happily walk away from a property they feel is not priced fairly.
While the impact of the base rate rise has yet to be fully felt, Britain’s economic fundamentals – in which real wage growth is now well behind the pace of consumer price inflation – mean that affordability will be a key factor in the coming months.
Nevertheless the prospect of further interest rate rises may nudge hesitant buyers into taking the plunge now to lock into a favourable rate.The Halifax’s top line rate of growth is solid, but it masks a growing regional divide and a profound price sensitivity among buyers which should ensure price rises stay well shy of the unsustainable rates of growth seen in the boom years.”
Lucy Pendleton of estate agents James Pendleton comments:
“We've since had a rate rise but what you're seeing isn't one last hurrah as people rush to grab the best mortgage rates. It's that same old ball and chain around the UK property market's neck - weak supply.
The countdown on rates may have helped support demand but mortgage approvals were down. We know stiff competition for homes exists but to see approvals and prices diverge in such dramatic fashion is surprising.
There will also be an echo from September's back-to-work bounce, as deals brokered before the summer holidays complete in the Autumn, but such a strong second month is uncharacteristic and shows the market in surprisingly rude health."
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