House price rise recorded

A new rise in house prices has been recorded by Halifax.

The lender has revealed that during August the seasonally adjusted figure rose by 0.8 per cent, taking the average cost of a UK home to £160,973.

It is the second monthly increase in a row and the fourth in the first eight months of the year.

At the same time, affordability has improved, the bank stated, noting that for a new buyer the share of average disposable earnings required to pay the mortgage has fallen from 48 per cent in the third quarter of 2007 to 29 per cent.

Such a fact may encourage those keen to get on the ladder to seek out the best mortgage product for them.

Earlier this month, the National Association of Estate Agents said that the proportion of housing transactions involving first-time buyers rose from 22 per cent in July to 36 per cent in August.

Leave a Reply

Your email address will not be published. Required fields are marked *