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UK Halifax House Prices Fall Unexpectedly In September

UK house prices declined unexpectedly in September, figures from the Lloyds Bank subsidiary Halifax and IHS Markit showed on Monday.

House prices fell 0.4 percent month-on-month in September, reversing a 0.2 percent rise a month ago. This was the first fall in four months. Prices were forecast to rise 0.1 percent.

In three months to September, house prices growth eased more-than-expected to 1.1 percent annually from 1.8 percent in three months to August.

The annual increase was the slowest since April 2013. Economists had forecast an annual growth of 1.6 percent.

On a quarterly basis, house prices advanced 0.4 percent after posting a 0.1 percent gain in three months to August.

"Looking ahead, we expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists," Russell Galley, managing director, Halifax, said.

Galley noted that underlying market indicators, including completed sales and mortgages approvals, continue to be broadly stable. Meanwhile for buyers, important affordability measures - such as wage growth and interest rates - still look favorable.

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