The latest HPI data has revealed that house prices remained steady throughout the latest quarter, with house prices showing a very modest monthly rise of 0.3%.

House prices in August were 1.8% higher than in the same month a year earlier.

Russell Galley, Managing Director, Halifax, said:

“There was no real shift in house prices in August as the average property value grew by just 0.3% month  on month. This further extends the predominantly flat trend we’ve seen over the last six months, with the average house price having barely changed since March.

“While ongoing economic uncertainty continues to weigh on consumer sentiment – with evidence of both buyers and sellers exercising some caution – a number of important underlying factors such as affordability and employment remain strong.

“Although the housing market will undoubtedly be influenced by events in the wider economy, it continues to show a degree of resilience for the time being. We should also not lose sight of the fact that the single biggest driver of both prices and activity over the longer-term remains the dearth of available properties to meet demand from buyers.”

Property professionals across the UK have responded positively to the figures.

“The index is broadly in line with our experience, despite all the gloom and doom about Brexit, people are still moving home and we remain busy.  We specialise in accommodation for young professionals and have been encouraged to see prices staying stable in our sector, with buoyant demand.”

North Wales estate agent chain Peter Large explained that when regional factors and Brexit are taken into account, the HPI results were positive for North Wales.  The agency said in a statement:

“It’s reassuring to see that house prices are holding across the U.K.  Demand remains positive in North Wales despite the £16 Bn power station development being cancelled  earlier this year.  
“North Wales is a largely untapped power house of talent and I would encourage the Welsh Government to invest in our infrastructure.  North Wales deserves to be treated as a strong economic region in its own right, not a poor relation to the South – then we would really see the housing market boom here.”

 

Milton Rodosthenous, director of online auction service LetsBid Property, said:

“It’s pleasing to see a monthly rise return to the market. However, the relatively low growth could be attributed to a traditional summer market lull combined with ongoing political uncertainty.”

“The positive news is that the market still appears to be performing well on a quarterly and annual basis, reinforcing the strength of property as a long-term investment.”

“We now expect market activity to ramp up as eager movers look to get deals done before the Christmas and New Year period. However, it will be interesting to see if the unprecedented political circumstances we find ourselves in have a significant effect on this traditionally busy home moving period.”

“As we move through 2019, it’s clear there are still many opportunities for buyers and sellers to achieve their goals if they are proactive, patient and work with a reliable estate agency.”