Homeowners see small increase in property value during March
According to the Halifax house price index, homeowners saw their investments rise in value during March with a 1.0% increase in house prices. The overall increase during the first quarter if the year was 2.8%, below the 4.2% rise in the final quarter of 2006.
House prices increased across the country for homeowners during the first quarter. Scotland saw the biggest price rise, at 7.5%, followed by the South West at 5.4% and Wales experienced a 4.9% increase. Smaller increases were seen in the East Midlands and Yorkshire and the Humber at 0.2% and 0.6% respectively.
In Northern Ireland, house prices broke through the £200,000 barrier, with the average cost now being £206,495. This makes it one of the most expensive places in the UK with only London, the South East and South West having higher average house prices.
In the last twelve months, house prices have risen most quickly in Northern Ireland at 37% and Scotland at 22.4%. The biggest price increase in England has been in Greater London where prices have risen by 14.9%.
Commenting, Tim Crawford, group economist, said: “House prices rose by 1.0% in March, the second smallest monthly increase in prices since last August. Prices continue to rise in a tight market but there are emerging signs that pressure on householders’ finances, partly due to the rise in interest rates since last summer, are dampening housing demand with evidence of reduced market activity. We expect the recent rises in interest rates, negative real earnings growth and above inflation council tax bill increases to lead to slower house price growth over the coming months. Sound economic fundamentals and an ongoing shortage of housing supply will, however, continue to support house prices.”
Homeowners who are looking to move, but find they are restricted by increased house prices, could consider improving the property that they are currently living in with a secured loan. A common reason for moving is to make room for a growing family, a secured loan could provide the finances needed to extend. One of many options, secured loans can finance projects including loft conversions, garage conversions and the conventional extension. If it is space to relax in peace that is needed, or perhaps a breakfast room, then a secured loan could be used to pay for a conservatory.
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