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UK Halifax House Price Inflation Tops Expectations

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UK house price inflation accelerated at a more than expected rate in April, figures from the Lloyds Bank subsidiary Halifax and IHS Markit showed on Wednesday.

The house price index surged 5.0 percent year-on-year in April, following a 2.6 percent increase in March. Economists had expected a 4.5 percent rise.

Compared to the previous month, house prices rose 1.1 percent in April, after a 1.3 percent decline in March. Economists had expected prices to rise 0.1 percent.

In the February to April period, house price climbed 4.2 percent from the November to January period.

The average house price rose to GBP 236,619 from GBP 233,995 in March.

"The index has seen a weaker pace of growth over the last three years, which is consistent with the easing of transactions volumes and housing market activity reflected in RICS, Bank of England and HMRC figures," Russell Galley, Managing Director, Halifax, said.

"Looking further back, this April also marks 10 years since the lowest point of the Halifax house price index following the financial crash in 2008. Over the past decade annual house price growth has seen the average price increase by GBP 81,956, or an average rise of 4.3 percent each year."

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