The Current State of the UK Housing Market

The Current State of the UK Housing Market

The UK housing market is an important part of the country’s economy, and its current state is of great interest to many. The market has seen a number of changes over the past few years, with prices rising and falling at different times. In general, the market is currently in a healthy state, with prices continuing to rise in many areas.

In the past year, house prices have been on the rise. According to the Office for National Statistics, the average house price in the UK was £231,000 in June 2019, up from £224,000 in June 2018. This represents an increase of 3.2%, which is a positive sign for the market. The number of transactions has also been increasing, with the number of sales in June 2019 up by 4.2% compared to June 2018.

The current state of the market is also being driven by a number of factors. Low interest rates have helped to make mortgages more affordable, while the government’s Help to Buy scheme has also made it easier for first-time buyers to get on the property ladder. There has also been an increase in demand from foreign buyers, particularly from China and Hong Kong.

Despite the generally positive outlook, there are still some areas of concern. The supply of new homes is not keeping up with demand, which is pushing up prices in some areas. In addition, there are concerns that some areas are becoming unaffordable for first-time buyers and those on lower incomes.

Overall, the UK housing market is in a healthy state at the moment. Prices are continuing to rise in many areas, while transactions are also increasing. However, there are still some areas of concern, such as a lack of supply and affordability issues. It is important that these issues are addressed in order to ensure that the market remains healthy in the long term.