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After 3 months of decline, the housing market is now on the rise. House prices rose by 1.1% after May. With the average house price rising from £208,711 to £211,301.
April saw the biggest drop, with house prices falling and the amount of transactions being sold decreased by 22.5% from March. Click here to see why house prices dropped in April.
Why are house prices on the incline?
House prices usually grow the fastest within London, this is now not the case. London is now the second slowest city of growth in UK for house prices. Showing the regional move away from London, with people looking for other cities to live on a cheaper budget.
In addition to this, the national living wage increased in April, therefore, house prices usually increase when this happens. As the cost of living is increasing, house prices should do too.
House prices could be increasing due to the lack of homes being built, and fewer people putting their houses up for sale. House prices were already expected to rise by 2% this year, according to the building society forecast. Therefore, this increase should not be any surprise.
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