THE annual house price growth has risen by 4.5%, according to a report released by Halifax.
The rise in house prices across the UK is a healthy sign, promising further growth in the months to come according to the report.
The average house price in the UK of £225,826 is the highest on record, an increase of 0.8% from September to October and a 2.8% increase from January (£219,741).
With the rise comes a minimum of a 7% increase in selling prices within Greater Manchester since last summer.
A flat in Greater Manchester sold on average for £151,391 during 2016’s summer, whilst they now sell for over £162,663. Terraced houses also experienced a 7% increase, up from £147,140 to an average of £157,463.
The largest increase in selling prices comes with semi-detached properties. Last summer, Manchester’s semi-detached properties sold on average for £200,241; increasing by 17.6% to £234,396. Detached properties also increased by 8.36% from £305,684 to £331,240.
In the report, Russell Galley, Managing Director, Halifax Community Bank, said:
“The fact that the supply of new homes and existing properties available for sale remains low, combined with
historically low mortgage rates and a high employment rate, continues to support house prices and is likely to
do so over the coming months”.