BREXIT negotiations and the American election result have provided a good time to 'burry bad news' but some surprising statics about house prices may have gone unnoticed in the media furore.
The latest Halifax House Price Index, reflecting transactions and values in October 2016, showed an unexpected uptick in house prices. The figures even go against respected predictions published by Reuters following its poll of leading economists.
The 1.4% increase in property values has even been described as a 'surge', at a time when many felt home movers were putting plans on 'ice' due to economic and political uncertainty.
To put the 1.4% rise into context, house prices in September 2016 only crept up by 0.3% and experts predicted this was the start of a big levelling in the property market. There are signs, however, that low mortgage rates are tempting movers back into the market and a restricted supply of properties is forcing up values.
At London Residential we continue to have a steady stream of buyers and sellers wanting to move to and within North London. Whether we'll see an increase in international purchasers following the American election result remains to be seen but for now, we continue to help a variety of movers whose overriding desire is to find a new home.
House prices shot up 1.4% in October compared with an upwardly revised 0.3% increase in September. Economists polled by Reuters had expected only a 0.2% rise.