House Price Growth Hits Three Month High in October

House price growth is typically tied to the health of the housing market and from the latest released data, the market is strong. Although much uncertainty has been swirling since the Brexit vote of 2016, pressure on housing prices remains and is expected to remain that way for the foreseeable future. A shortage of homes combined with a number of attractive deals for would be homeowners are still available prior to the expected rate hike this week.
The month of October proved to be a noted 30 days according to Nationwide. The month posted a three month high for house price growth. September saw house price growth of 2.3% which was bettered in October and moved to 2.5%.
Some economists see upward pressure remains on house prices due to improved wage growth currently taking place and the massive shortage of homes available for sale. The average home price now sits at £211,085.
Housing experts also believe house price growth could be affected by a change in base interest rate.
Those close to the housing market are also questioning how active the market will be with a rise in interest rates and real wage growth remaining a challenge. Consumer confidence has been fragile since the historic Brexit vote last year and will remain that way according to many estimates.
Remortgage activity remains robust based on data from the last several months. It is expected to remain active through the next several months as many attractive deals are still on the table and available to those who qualify.