“The Bank of England’s decision to hold interest rates for the fifth consecutive meeting is creating calm and stability, which is encouraging buyers and sellers to transact,” added Mark Harris (pictured right), chief executive of mortgage broker SPF Private Clients.
“First-time buyers will be encouraged as house prices remain steady rather than soar. Lenders are working hard on offering solutions to those trying to get on the ladder for the first time, which is leading to a small improvement in their numbers.”
Lloyds HPI: Average house price
Source: Lloyds, S&P DJI
According to the latest Lloyds House Price Index, Northern Ireland recorded the strongest annual house price growth in the UK at 7.4%, bringing the average property price to £231,131. Scotland posted growth of 3.6% year-on-year, with the average price reaching £223,246, while Wales saw annual growth of 1.6%, taking the typical property value to £231,458.
Within England, the stronger-performing markets are concentrated in the north. The North East saw annual growth of 2.8%, with the average price reaching £182,488, and the North West recorded a 2.1% rise to £247,836.
Southern England continues to lag. The South East recorded an annual decline of 2%, with prices averaging £381,146, while Greater London fell 1.3% to £533,930.
