Residential Property Prices Up For Fourth Consecutive month
UK residential property prices increased for the fourth consecutive month in May 2013, according to the latest Halifax House Price Index (HPI).
Data from the latest Halifax House Price Index has shown that UK residential property prices rose by 0.4% in May 2013.
This means that the value of UK residential properties have now risen for four consecutive months, with prices in the three months to May 2013 coming in at 1.5% higher than in the preceding three-month period.
UK residential property prices have been rising modestly on this quarter-on-quarter measure since December 2012, with price increases between 1-2% in each of the past five months, while an increase in residential property sales has also been observed in the property market.
The Halifax House Price Index report as a whole indicated that UK residential property market conditions are better now than they were in 2012, with the ratio of residential property sales against the stock of unsold properties improving and demand for UK residential property purchases gradually gaining momentum.
Martin Ellis, housing economist at Halifax, sounded a note of caution, saying: “Despite these recent signs of improvement in the housing market, the subdued economic background and the accompanying weak income growth continue to be a significant constraint on housing demand and activity.”
The Halifax House Price Index figures were also surprisingly in agreement with data from a Nationwide survey conducted last week, which also recorded a 0.4% rise in residential property prices for May 2013.
The indicators of a rising UK residential property market are all there and it is only a matter of time before the general public cotton on to this fact and start attempting to control the market instead of it being dominated by savvy property investors.
There will never be a better time to invest in property, prices are still relatively cheap and with residential property values expected to continue to rise there will be capital appreciation to add to the potential excellent rental yields that many property investors are currently enjoying.
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