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Financial News: UK Halifax House Price Growth Exceeds Expectations

UK Halifax House Price Growth Exceeds Expectations

04/09/2018 - 04:25:00 (RTTNews)

(RTTNews) - UK house prices grew at a faster than expected pace in March, data from the Lloyds bank subsidiary Halifax and IHS Markit showed Monday.

House prices increased 1.5 percent month-on-month in March. The monthly increase was forecast to slow to 0.1 percent from 0.5 percent in February. A similar faster growth was last seen in August 2017.

In three months to March, house prices increased 2.7 percent from the previous year, following 1.8 percent increase seen in three months to February. Prices were forecast to rise at a slower pace of 2 percent.

The average price in March was GBP 227,871, the highest recorded price, Halifax said.

"In the coming months we expect price growth to remain close to our prediction of 3 percent despite the very positive factors of continuing low mortgage rates, great affordability levels and a robust labor market," Russell Galley, Managing Director, Halifax, said.

"The continuing shortage of properties for sale will also support price growth," Galley added.

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