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Financial News: UK Halifax House Prices Fall For First Time

UK Halifax House Prices Fall For First Time In 3 Months

05/08/2017 - 04:16:00 (RTTNews)

(RTTNews) - UK house prices dropped for the first time in three months in April, data from the mortgage lender Halifax and IHS Markit showed Monday.

House prices slid 0.1 percent month-on-month in April after staying flat in March. This was the first decrease in three months and confounding expectations for an increase of 0.1 percent.

In three months to April, house prices advanced 3.8 percent from the prior year, the same pace of growth as seen in the first quarter and the lowest rate since May 2013. Prices were expected to grow 3.6 percent.

On a quarterly basis, house prices decreased 0.2 percent in three months to April, the first fall since November 2012.

Housing demand appears to have been curbed in recent months due to the deterioration in housing affordability caused by a sustained period of rapid house price growth during 2014-16, Martin Ellis, Halifax housing economist, said.

Signs of a decline in the pace of job creation, and the beginnings of a squeeze on households' finances as a result of increasing inflation, may also be constraining the demand for homes, the economist noted.

"Continuing very low mortgage rates, together with an ongoing acute shortage of properties for sale, should nonetheless underpin house prices over the coming months," Ellis added.

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