Sunny

Sunny

max temp: 7°C

min temp: 2°C

ESTD 1874 Search

National: House prices surge again in 2014

09:41 06 March 2014

New Homes

New Homes

Archant

Growing confidence boosts the housing market

House prices surged at their strongest annual rate since 2007 in February amid improving consumer confidence and continued access to cheap mortgage deals, the Halifax has reported.

Values lifted by 7.9% on a year ago, taking the average price across the UK to £179,872 and marking the strongest annual uplift since October 2007.

The pace of the annual rise has strengthened from 7.3% in January.

Prices were 2.4% higher than a month earlier, which the Halifax said is in line with recent average monthly increases.

Stephen Noakes, mortgages director for Halifax, said the improving economy, falling unemployment, growing consumer confidence and continued low interest rates all appear to be boosting housing market demand.

Some experts have raised concerns that Government schemes such as Help to Buy are pushing house prices further out of some people’s reach by fuelling strong demand in the market without the supply of properties for sale keeping up.

But Mr Noakes said there are factors which should help to keep a lid on house prices.

He said: “Continuing pressures on household finances, as earnings fail to keep pace with consumer price inflation, are expected to remain a constraint on the rate of growth of house prices.

“We are also seeing signs of a revival in housebuilding, which should help bring supply and demand into better balance and curb upward pressure on prices over the medium and longer terms.”

Search hundreds of local jobs at Jobs24

0 comments

The Suffolk Coastal District Council offices at Melton Hill have been sold for re-development, subject to planning permission being granted

Former Suffolk Coastal District Council, Melton Hill offices are sold for re-development

Becky Sebright-King, owner of Lady Bakewell Park, at the launch of Small Business Saturday 2016.

As the Christmas shopping season gets into full swing, it’s more important than ever to support our local traders.

The Octagon  in Colchester, where travel management company Gray Dawes is based.

Essex-based travel management group Gray Dawes is to double in size following the simultaneous completion of two acquisitions.

The Rev Jemma Sander-Heys pulls a pint of Lacons Christmas beer, St Nicks.
Photo: Lacons Brewery

Regional drinks supplier Lacons has hosted is annual Winter Gathering to mark the launch of St Nick’s, its craft ale brewed specially for the festive season.

Go Ape tree-top adventure. Picture: GO APE.

Outdoor adventure firm Go Ape has picked up a national award in recognition of rapid growth which has seen it expand across the country.

Management Jobs

Show Job Lists

Most read

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24