The average house price growth in the UK last year was 2.7 per cent, according to Halifax. The average price of a UK house in December 2017 was £225,021, which was 2.4 per cent higher than in January 2017 (£219,741).
“Prices in the last three months of 2017 were 2.7 per cent higher than in the same three months a year earlier (2016),” Halifax House Price Index said.
House prices in the final quarter of 2017 (October-December) were 1.3 per cent higher than in the previous quarter (July-September), down from 2.3 per cent recorded in October and November. The statistics indicate a stable housing market contrary to predictions in the wake of Brexit and its economic implications on the residential real estate sector in the UK.
Halifax expects a stable growth of house prices this year. House prices are likely to be supported by the ongoing shortage of properties for sale, low levels of housebuilding, high employment and a continuation of low interest rates making mortgage servicing affordable in relative terms. “Overall, we expect annual price growth to continue in the range of 0-3 per cent at the end 2018,” Halifax said.
The monthly UK home sales exceeded 100,000 for the 11th month in succession in November 2017. In fact, sales remained above 100,000 in all months of 2017.
The Halifax House Price Index is the UK's longest running monthly house price series with data covering the whole country going back to January 1983.