House Prices - Halifax says findings of the index are evidence of improvement

A Leeds Conveyancing Solicitors has welcomed the latest figures from the Halifax which show a significant rise in housing prices and says its own evidence supports the view there is a more sustained recovery underway.

Winston Solicitors was responding to figures in the latest Halifax house price index, which revealed a 1.5% rise in UK prices on a quarterly basis in May, the largest annual rise in almost three years, with prices in the three months to May at 2.6% higher than the same period in 2012.

Halifax says the findings of the index are evidence of a steady improvement in the property market since late last year and Jackie Smyth from Winston Solicitors supports that view.

She said: “The office has been busy with plenty of enquiries. House sales are coming in from all prices ranges, top to bottom, and the signs are encouraging that this is the beginning of a more lasting improvement as the economy emerges from recession.” She added that this year’s budget had been a factor with the announcement of schemes to help the housing market, including a £3.5bn investment in government loans to homebuyers on a tighter budget and a £12bn scheme to increase the availability of mortgages to those who cannot afford a bigger deposit.

Analysts see prices rising modestly through the rest of the year through added support from the Funding for Lending Scheme and Help to Buy initiatives.