House prices increase by 2.5% in June
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.
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.