Last week we heard that the property market is starting to cool and that house price inflation has peaked. There are many commentators, despite the increase in September, who believe that house prices will fall next year and the market will get tougher. This argument is predominantly driven by London house prices levelling off, tougher mortgage lending rules and affordability. However, I'm not sure that I agree with these conclusions.
Halifax recently reported that the average house price increased by £1,100 in September and overall by £16,257 on an annual basis, with the average UK property now costing £187,188. London house prices fell last month for the first time in three years and the remainder of the UK reported the smallest monthly increases for over a year.
Read more of Michael’s thoughts on The Huffington Post.
- 14 October 2014