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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