According to latest data from Halifax property prices rose 9.5% in 2015 but could be slowing
The average house price is now £208,286 with Newham in London recording the largest annual rise of 22% compared to London price rise of 12%. The biggest price rises have been in outer London or places within easy commute of London.
Martin Ellis the Halifax housing economist stated “There remains, however, a substantial gap between demand and supply with the latest figures showing a further decline in the number of properties available for sale. This situation is unlikely to change significantly in the short-term, resulting in continuing upward pressure on prices.”
New instructions from sellers fell again for 10 months in a row putting further pressure on house prices.