- Annual house price growth stands at 2.6%
- Figures have remained steady each month since November last year
- It would appear consumer confidence in the UK housing market remains robust
Brian Murphy, Head of Lending for Mortgage Advice Bureau comments:
Reviewing the data from the Halifax this morning, there are very few shocks and surprises; annual house price growth stands at 2.6%, which is still very much in line with industry forecasts for 2017 – bearing in mind we didn’t know there was going to be an Election this year when those predictions were first cast – together with a slight uptick in house price growth on the same period last year.
What’s also positive news is that mortgage approvals for home purchases increased slightly (0.2%) between April and May, and overall figures have remained steady each month since November last year. This would potentially suggest that the market has found a new level and could remain steady over the coming months, due to the ongoing market fundamentals of paucity of stock versus resilient buyer demand in most parts of the country, and increasing competitive deals being released by mortgage lenders. All these factors would underscore the fact that it would appear consumer confidence in the UK housing market remains robust, resulting in the likelihood of the market continuing its current momentum for the foreseeable future.
