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Market Update

June 18th 2014
By: Jon

With house prices still on the increase, prices in May rose almost 4% with the average UK property rising from £177,648 to £184,464. 

Nationwide has reported an 11.1% increase over the last 12 months on an average property.  “Demand is still strong and continues to be supported by a strengthening economic recovery,” says Stephen Noakes – Mortgages Director at Halifax, he goes on to report that “consumer confidence is being boosted by a rapidly improving labour market and low interest rates, although growth in average earnings still remains weak.  However, there are signs of a revival in housebuilding which should bring supply and demand into better balance and curb upwards pressure on prices over the medium and longer term.”

Quarterly figures are often a more reliable indicator of the market.