Hennessy Bowie Solicitors News
Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,
Halifax Publishes Latest House Price Index
Halifax has recently published its House Price Index for the month of May, which shows a 2% rise in house prices in the latest three months (March 2014-May 2014) compared to the preceding three months (December 2013-February 2014).
House price change on this measure has now remained steady in a narrow range of 1.9% - 2.3% since June 2013, says Halifax.
The Index also shows that:
- Prices in the three months to May were 8.7% higher than in the same three months a year earlier. This was marginally higher than in April (8.5%).
- After falling in the previous two months, average price increased by 3.9% in May - this was the third monthly price rise since January. Monthly movements, however, can be volatile and the quarter on quarter change is a more reliable indicator of the underlying trend.
- Home sales edged down by 1% in April to 103,690, however, transactions are still a third higher than in April 2013. Annually, transactions grew to 1.142 million in the year to March 2014 - a rise of 23% from the same period a year earlier.
"On an annual basis housing demand is still strong and continues to be supported by a strengthening economic recovery, ”commented Stephen Noakes, Mortgages Director. “Consumer confidence is being boosted by a rapidly improving labour market and low interest rates, although growth in average earnings still remains weak.”
"However, there are signs of a revival in housebuilding which should bring supply and demand into better balance and curb upwards pressure on prices over the medium and longer term," he added.
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