4 Jul

UK house prices hit highest level in three years

UK house prices hit highest level in three years

The price of buying homes in the UK has hit its highest level in three years, days after reports stated that London homes were now averaging values that exceeded pre-recession peaks for the first time.

According to new figures released by the mortgage division of Lloyds Banking Group, the cost of purchasing through estate agents in the UK has now hit an average of £167,984 in June.

This was the highest that the mean value of homes in the country at any point since the same month in 2010, and it represents a 4.1 per cent year-on-year growth compared to 2012.

Martin Ellis, housing economist at Halifax, said: "Improved confidence in both the housing market and the economy, combined with a shortage of properties available for sale, appear to be pushing up house prices."

However, Mr Ellis was keen to add that caution should be exercised at the moment, with demand still unstable and the number of mortgages available remaining relatively low.ADNFCR-1222-ID-801608305-ADNFCR

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