The house prices in the UK grew by 6.5 per cent during the last quarter (Oct-Nov-Dec) of 2016 when compared with the corresponding period of 2015, according to the latest House Price Index from Halifax. This demonstrates the continued appetite for quality homes in the UK market, as prices continue to surge.
The house prices in December, 2016, were 2.5 per cent up sequentially from the third quarter (July-Aug-Sep) of 2016 indicating the vibrancy in the housing market. The price growth is likely to continue into 2017, owing to low levels of housing stock, poor housing building activities and very low interest rates, Halifax said.
The year 2016 saw house prices peak at 10 per cent in March, but reduced gradually in the wake of the UK exiting the EU. However, the market is bouncing back with industry average growth rates becoming the norm. In all, 2016 witnessed a strong growth in housing prices despite a slump in between.
While Luton in Bedfordshire registered the biggest jump of 19.4 per cent in house price when compared with corresponding period of 2015, Barking and Dagenham, the outer London borough, saw the second highest rise in prices at 18.6 per cent.
House prices in the three months to December 2016 were 2.5% higher than in the three months to September 2016.