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Never has the title of this blog been more true in relation to the plethora of statistics in relation to the housing market. I was interested to see the announcement by the Halifax that UK house prices rose by 9.5% in 2015. This conflicts with the report from the Nationwide the month before advising of a 4.5% annual increase. However, what is beyond doubt is that on average, house prices are rising, driven mainly by a shortage of supply and an increase in demand caused by improving economic conditions and confidence. There is the usual caveat in relation to geographical area, school catchment area, type of property and price band. Unless there is significant change in the supply, I do think that in the short term, we will see a continued increase in house prices but my feeling is that with tax changes and economic conditions, 2016 will see a more normal rise of between 3% and 5%. I will keep you advised of trends.
Partner – Head of Property