House price growth has risen to its highest rate in nine months, according the latest house price index from Halifax. The figures show that prices for the three months to August grew by 3.7%, compared to the same period in 2017, with an average cost of £229,958.
The monthly change, on the other hand, was less dramatic, with prices steadily increasing by 0.1% from July to August.
Notably, these promising figures conflict with those released by Nationwide last week, which said that house price growth slowed down from 2.5% in July, to 2% in August – the biggest monthly fall since July 2012.
Managing Director at Halifax, Russell Galley, said:
“While the pace of employment growth has recently slowed, a low unemployment rate and a gradual pickup in wage growth are helping to support household finances. This has been accompanied by interest rates still remaining at a historically low rate and a stable, yet constrained, supply of new homes onto the market further supporting house prices.”
Changes in property prices are not necessarily directly correlated to rates offered by peer-to-peer property platforms. However, signs that the property market is continuing to remain steady will likely be received as positive news by peer-to-peer property investors.