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UK House Price Growth Accelerates: Halifax

UK house prices increased at a faster pace in September, data from the mortgage lender Halifax and IHS Markit showed Friday.

House prices increased 4 percent year-on-year in three months to September, faster than the 2.6 percent rise seen in three months to August. This was the biggest annual growth since February and exceeded the expected rate of 3.6 percent.

The average house price was GBP 225,109, the highest on record.

On a monthly basis, growth in house prices eased to 0.8 percent from 1.5 percent in August. Prices were forecast to remain flat.

UK house prices continue to be supported by an ongoing shortage of properties for sale and solid growth in full-time employment, Russell Galley, managing director, Halifax Community Bank, said.

However, increasing pressure on spending power and continuing affordability concerns may well dampen buyer demand.

"There has been recent speculation on the possibility of a rise in the Bank of England base rate. We do not anticipate this will have a significant effect on transaction volumes," Galley said.

by RTTNews Staff Writer

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