Against the Odds Property Prices are at a Record High

Despite political uncertainty and the threat of a market crash, Halifax, part of the Lloyds banking group, has revealed the highest annual growth figure since 2004 in their Price Index for June. 

That’s right, the average property price rose by 13% in June 2022 to £294,845. This is completely at odds with the scaremongering we’re all reading right now and just goes to show that things aren’t always the way they appear in the media.

What Else Did the Halifax Price Index Reveal?

House Prices, in General, are Up

Besides a rise in the average UK house price, house prices, in general, have jumped by 1.8% in June this year. This rise now means the UK has seen house prices grow for 12 consecutive months, which is the single most significant month-on-month increase in over 15 years! 

Northern Ireland and Wales Have Seen the Biggest Growth

At a regional level, Northern Ireland saw their average property price increase by a staggering 15.2% in June, increasing its average house price to £187,833. But they weren't alone. Wales also saw an unbelievable rise in house prices, with their average house price increasing by 14.3% to £219,281. 

As for England, the South West was the area with the most growth, with their average property price now sitting at £308,128 following a rise of 14.2% in June.

Is Demand Still Strong in the Housing Market?

The short answer to this question is a resounding yes but perhaps not quite as strong as in the immediate aftermath of COVID19. 

Russel Galley, the Managing Director for Halifax, commented, “Demand is still strong, though activity levels have slowed to be in line with pre-Covid averages.”

Adding to this, Nicky Stevenson, the Managing Director for Fine & Country, commented for the Forbes Advisor,

“We are seeing house price growth continue to spike…The slowdown predicted by so many has yet to materialize in any real sense, despite an increase in borrowing costs and a squeeze on household incomes. Existing homeowners continue to make huge gains with competition among buyers still at a fever pitch.”

What Does This Mean For Buyers and Sellers Right Now

While these statistics may be reassuring, what do they actually mean for buyers and sellers?

Well, it’s still a competitive market, and if June’s house prices are anything to go by, it will remain so for a while longer.

As for buyers, if you have your eye on a property, it may be best to put an offer in now ahead of price rises expected for July, August, and beyond.

As for the imminent recession we’ve all been warned about, the crash threat hasn’t gone away but hasn’t materialized either. While there’s no harm in being cautious amidst the uncertainty, it shouldn’t stop buyers or sellers from making a move in the imminent future. 

Advice You Can Trust - Paul Stripp Estate Agency

If you’re on the fence about moving in the latter half of 2022 or are concerned about the state of the current market, then feel free to drop me a message at info@paulstrippestateagent.com.

While I may be an Estate Agent by trade, I’m first and foremost a dad, partner, and will always give impartial advice tailored to your unique circumstances. 

Get in touch today to learn more about Paul Stripp Estate Agency and buying and selling property in the Battle, Robertsbridge, Hastings, and surrounding TN33 areas.