UK house price growth unexpectedly picked up in August, underpinned by strong employment growth and a shortage of properties on the market, according to Britain’s biggest mortgage lender. The average price of a house rose by 1.1%, reported The Halifax. Prices in the three months prior to August were 2.6% higher than a year earlier. UK home sales have exceeded 100,000 for seven months running. Between June and July they edged up to 104,760, the highest level since March 2016, according to HMRC.
We believe at H Tiddy that the short-term impact of Brexit on the housing market was overestimated. We have exchanged on over £24.3 million pounds worth of property so far this year. There is activity in all price ranges highlighted by the broad range of properties we have sold from £29,000 to £2.25 million. The properties we have sold cover the area from Falmouth seafront, Restronguet, the whole of The Roseland, including St Mawes, St Just, Portscatho, Veryan, Portloe and up to Probus, and then well into The Cornish Riviera, including Gorran Haven.
However, we are keeping our feet firmly on the ground now that the government is negotiating the UK’s exit from the EU, where further uncertainty seems inevitable until the final outcome becomes clearer. In the meantime, we are still benefitting from low interest rates keeping the second home market buoyant. Equally, we have agreed a constantly increasing number of sales to buyers looking to permanently move to the area yearning for the better quality lifestyle.