The UK housing market has allayed fears of a slowdown with average house prices rising by 1.8 per cent in June.
Figures from the Halifax House Price Index show the average price of a house now stands at £294,845 which equates to a quarterly and annual increase of 3.8 per cent and 13 per cent respectively.
The major driver of increased prices remains the general lack of stock coming to the market compared to current demand. The rise in prices also suggests that the cost of living crisis affecting many households is yet to fully impact the market.
Ben Furnell of Furnell Residential said: “Our figures endorse the findings reported by the Halifax. We are carrying out an unprecedented number of valuations given the time of year and the stock we are bringing to market is selling quickly and often for over the asking price.
However Ben also sounded a word of caution about the likelihood of house prices continuing to rise. “There is no question that at some point the increased cost of living will filter through, but perhaps not to the same extent in our main area of operation compared to other parts of Yorkshire.
“Higher mortgage rates will also start to cool demand and we are now in a period of political uncertainty with a general election potentially on the horizon which does little for consumer confidence,” said Ben.
Established in 2018, Furnell Residential is a family owned estate agency covering North Leeds, Wetherby, York, Harrogate and surrounding areas.