Property owners who have recently bought their residence will be pleased to hear they are already making money on their purchase, as house prices have jumped in the last month.
According to Halifax’s House Price Index, there was a monthly increase of 5.9 per cent between January and February, taking the average property value in the UK to £236,800.
This also represents an annual rise of 2.8 per cent and a 1.8 per cent increase over the last quarter (December 2018 to February 2019).
Homeowners will be particularly relieved, as the previous month’s figures were not so positive, showing a low 0.8 per cent annual growth rate between January 2018 and January 2019.
Managing director of Halifax Russell Galley stated: “House prices have grown on annual, quarterly, and monthly basis for the first time since October 2018.”
He went on to say this is likely to be down to a shortage of houses for sale, which is “playing a role in supporting prices”.
However, Mr Galley noted that figures are still below those experienced in 2015 and 2016 when the average house price growth rate was as high as 8.3 per cent.
This is due to homebuyers still finding it difficult to raise enough money for a deposit, he commented.
Despite this, the monthly growth is the highest witnessed in more than a year, while the annual increase is at the strongest level since August 2018.
Those who managed to purchase before this rise in prices can boost the value of their asset even more by making improvements to the home. Fitting new carpets and flooring shims in every room is one of the simplest ways to update a property and make it look more modern and fresh.