House prices increased 9.7% - average price £205,000!

House prices increased 9.7%, so average price now £205,000!

The figures are taken from information released today by Halifax, and the data suggests that upward trend is showing no sign of slowing down, with prices set to grow even higher over the coming months!

However, data from the Royal Institution of Chartered Surveyors’ shows that new sales stock across the country is at a record low, with new instructions by home sellers declining in September for the eight month in a row. Despite this, UK buyers are keen to get on the ladder, with the Bank of England reporting that there has been an increase of 4% in approvals on mortgages between the second and third quarters of 2015, suggesting that more buyers are finding themselves in a suitable position to buy, despite there being fewer properties available!

it is believed that the price hike has come from this combination of a lack of properties and more buyers wanting to get on the property ladder, leading to a more people fighting over fewer properties. People are willing to pay more to secure their dream home when they finally find it.

It seems most Britons don’t expect this to change any time soon, with nearly 70% expect the average property prices to be higher still this time next year, with just 5% expecting it to be lower.

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