House prices increase by 2.5% in June

Charlotte Manning

July 12, 2017

House prices rose again in June causing unaffordability to escalate, indicated estate agent haart.

House prices across England and Wales in June rose by 2.5% on the month before and are down by 0.6% on the year, now sitting at £233,954 on average.

The typical purchase price for first-time buyers has also risen on the month by 5.2% and by 1.4% on the year, now standing at £177,318.

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Paul Smith, chief executive of haart, said: “Our June data exemplifies a property market that is experiencing a boost in the wake of the General Election as house prices rise across England and Wales, in London and for first-time buyers.

“This is a far cry from predictions which are hinting around a potential housing crash, fostering homeowner negativity, and do nothing for a market which relies so heavily on consumer confidence.”

This comes as the number of first-time buyers entering the market has risen by a significant 10.3% on the month, however this is still down by 33.6% on June last year.

Nevertheless the market has become more efficient this month, as the number of transactions has decreased at a slower rate than the number of viewings, with buyers choosing to look at fewer properties before they buy.

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