Brits are typically spending £225,000 when they buy a house in the UK, with house prices increasing slightly over the last year.
According to the latest Halifax House Price Index, the average price for a home is £225,654. This is a 1.8 per cent rise from June 2017, with a monthly increase of 0.3 per cent.
However, prices have declined from the latest quarter (between April and June) and the previous three-month period (January to March) by 0.7 per cent.
Managing director of Halifax Russell Galley stated that house prices remain “broadly flat”.
He noted that a low rate of mortgage approvals since the start of the year has led to few home sales since January. This is in spite of a strengthening jobs market and an increase in real income, as pressure on household finances eases.
“We continue to see very positive factors of continuing low mortgage rates, great affordability levels and a robust labour market. The continuing shortage of properties for sale should also continue to support price growth,” Mr Galley noted.
Over the last year, house prices have risen from £217,620 to £225,654, a difference of £8,034.
This could be due to an increase in house market activity in May, with a one per cent growth in home sales to 99,590, and a boost in the number of approved mortgages for house purchases of 2.5 per cent from the previous month.
Of course, purchasing a new home is just the start of the journey for many homebuyers. Most people want to redecorate their abode to reflect their personality before it can start to feel more like home.
One of the best ways to make big changes quickly is by fitting bespoke external wooden doors, which will instantly give the house a facelift.
