Russell Galley
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Latest property news
Sales market ‘defies gravity’ once again despite end of Stamp Duty holiday
Halifax figures reveal 1.7% rise in house prices during September when most purchases wouldn't have completed in time to catch SDLT zero-rate.
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Latest property news
Halifax pins cooling house prices on stamp duty wind-down
But it and other commentators say continuing SDLT saving will keep competition for some homes keen until the taper ends.
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Latest property news
Is the Brexit effect on the property market beginning to wear off?
The Halifax says Declines in activity are beginning to ease off although despite high employment prices have been starting to soften.
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Latest property news
Historic high: UK housing market now worth £6 trillion
The value of the nation’s homes passed the £6 trillion mark for the first time in its history, the Halifax has revealed. It says house price inflation of 5% over the past year has pushed up the total market value of homes in the UK by nearly £400m so far this year, raising the total to £6 trillion. It’s not all due to house price rises, agents may be happy to note. Since 2007 the number of private dwellings available to be sold has increased by 1.9 million, Halifax says. Although this sounds punchy, it only represents a rise of 190,000 homes being added to the stock every year – far less than the 300,000-yearly run rate that the government recently said it wanted to achieve. Housing market London has led the charge for both additional homes and house price rises, reflecting the huge demand for homes to buy in the capital. The number of homes added to the stock in the capital over the past decade totals 250,000, Halifax says, while London homes on average have increased by 71% to an average of £579,761. “The value of housing stock has grown by close to £2 trillion in the past…
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Latest property news
House prices make a surprise return to growth
House prices have rebounded and are rising by 4% a year, lender the Halifax has revealed in its latest house price index. The surprise rise was driven by an 0.8% hike during September, the second month during which house prices have picked up, driving up the year-on-year increase figure from 2.6% in August. This has also pushed up the average house price to £225,109, the highest ever figure. “UK house prices continue to be supported by an ongoing shortage of properties for sale and solid growth in full-time employment,” says Russell Galley, Managing Director of Halifax Community Bank (pictured, left). “However, increasing pressure on spending power and continuing affordability concerns may well dampen buyer demand.” The bank says property sales in the UK “remained flat” in August but exceeded 100,000 for the eighth month in succession, although mortgage approvals fell during August by 2.7% when compared to July. New instructions Using RICS data, the Halifax also says new sales instruction fell for the 18th month in a row although overall the average stock on estate agents’ books edged up by 1% during September. “It seems more than apparent that the UK market has found its feet and is starting to…
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