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Average UK house prices continue increase by 1.6% in April

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The average house price in the UK is now £196,000, a rise of 1.6% according to the latest data released by Halifax.

After a period of market stagnation and decline in some areas the market is once again showing signs that property prices are set to rise yet further as the year progresses.

The rise is also shows an 8.5% increase from April 2014.

Martin Ellis, a housing economist at Halifax, put attributed the rise to “economic improvement, rising employment and low mortgage rates” while supply of houses remains relatively low in comparison with demand.

It is also believed that with the uncertainty over the General Election now over, house prices are continued to rise as some tax threats, such as the so called mansion tax, have been removed from the market.

It is also expected that rents will continue to creep up over the course of the year.

For expats and non-residents considering selling their properties, the rise in April could mean that capital gains tax is due on any sales for the first time.

For some people, the result of the general election meant they couldn’t wait to sell high value properties with some estate agents claiming in the Telegraph that they sold around £26m-worth of houses since the election results were announced.

If you are concerned about increasing house prices could mean for you as an expat or non-resident, enter your details using the form and we will arrange for a free consultation which will enable you to fully understand your situation.