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UK House Price Growth Exceeds Expectations In November

UK house prices increased more than expected in November, data published by the mortgage lender Halifax and IHS Markit showed Thursday.

On a monthly basis, house prices increased 0.5 percent, faster than the 0.3 percent rise posted in October. This was the fifth consecutive increase. Prices were forecast to grow marginally by 0.2 percent.

At the same time, house prices advanced at a slower pace of 3.9 percent in three months to November from previous year after climbing 4.5 percent in three months to October.

During September to November, house prices grew 2.4 percent from the previous quarter. This was the fastest price growth, on this measure, since January.

"The imbalance between supply and demand continues to support house prices, which doesn't look like changing in the near future," Russell Galley, managing director, Halifax Community Bank, said.

Further ahead, increasing affordability issues, as price increases continue to outstrip wage growth, are likely to curb housing demand and cause price growth to ease, Galley noted.

Galley said he doesn't expect the Government's first-time buyer Stamp Duty changes to provide some stimulus to demand, particularly in London and the South East where the impact is greatest.

by RTT Staff Writer

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