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UK House Prices Rise For First Time In 5 Months: Halifax

UK house prices increased for the first time in five months in July driven by pent-up demand, data from the Lloyds Bank subsidiary Halifax and IHS Markit showed Friday.

House prices grew 1.6 percent on a monthly basis in July after staying flat in the previous month. This was the first rise since February.

During three months to July, house prices were 0.2 percent lower than in the preceding three months. On a yearly basis, house prices advanced 3.8 percent.

The latest data adds to the emerging view that the market is experiencing a surprising spike post lockdown, Russell Galley, Managing Director, Halifax, said.

As pent-up demand from the period of lockdown is released into a largely open housing market, a low supply of available homes is helping to exert upwards pressure on house prices, Galley noted.

However, looking further ahead, there is still a great deal of uncertainty around the lasting impact of the pandemic. As government support measures come to an end, the resulting impact on the macroeconomic environment, and in turn the housing market, will start to become more apparent, Galley added.

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