UK house prises continue to rise due to a shortage of family homes, the Halifax reports

Money Tips Daily by Charles Kelly, former IFA and author of

UK house prises continue to rise due to a shortage of family homes, the Halifax reports

Despite the worst recession since the second world war, the price of the average home in the UK has rocketed by £43,577 since the start of the first lockdown two years ago, the Halifax has said.

The UK’s biggest mortgage lender said the 18.2% rise increased the cost of an average home to £282,753.

Buyers seeking more space saw a 21% rise in the price of detached homes compared with a 11% rise in flat prices over the same period.

Higher mortgage rates will start to reduce buyer affordability and the amount people can borrow, which may dampen prices.

Increased living costs will inevitably affect how much first-time buyers can save, borrow and spend on a property.

As we enter the traditional springtime buyer activity season, estate agents are already reporting continued demand and a shortage of larger family houses, which means sellers can obtained higher prices.

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