House prices see fastest growth for 6 months

House prices see fastest growth for 6 months

This year has been a strong one for the British property market, and it looks like the tail end of 2015 is not showing any sign of giving up on that performance, with prices even performing better as we move slowly but surely towards the new year. 

According to the latest data released in the Your Move Reed Rains index, the price of property climbed by an impressive 5.2 per cent in October, which is traditionally one of the fastest rising months in any year. 

This latest rise means property prices are now climbing faster than they have done at any time in the past six months. 

In October, month-on-month price increases also came in at an average of 0.9 per cent, climbing £2,500 last month alone, equal to £80 a day, to £288,421 for a British house on average. The report from the companies said this is the tenth time in 2015 that a record high average house price has been recorded. 

And it's not just prices where the market is coming towards the end of the year nicely. Sales numbers are also up, according to the index. It said that even though sales of the more expensive homes (those over £1.5 million in value) was down by 35 per cent year on year, the UK market still saw a stronger October in terms of sales than in any year since 2007. 

While the market at the top end of property has been dented somewhat by the changing stamp duty rules brought in at the end of last year, cheaper areas of the UK have welcomed far more sales, giving the sector as a whole a real boost in terms of volumes and values. 

"These rapid rises are currently outweighing the decline at the top of the market, carrying average values higher. While many commentators are forecasting significant house price growth in London and the UK in the coming years, these need to be viewed in historical context and we’re unlikely to see a return to the unsustainable rises of the past decade," said Richard Sexton, director of e.surv chartered surveyors.