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Financial News: UK Halifax House Prices Recover In May

UK Halifax House Prices Recover In May

06/07/2018 - 03:48:00 (RTTNews)

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

House prices grew 1.5 percent month-on-month, reversing a 3.1 percent fall in April. Prices were forecast to rise 1 percent in May.

In three months to May, house prices rose 1.9 percent from the previous year, slower than the 2.2 percent increase in three months to April.

On a quarterly basis, house prices gained 0.2 percent in three months to May compared to a 0.1 percent fall in three months to April.

"The continuing strength of the labor market is supporting house prices," Russell Galley, Managing Director, Halifax, said.

"With interest rates still very low we see mortgage affordability at very manageable levels providing a further underpinning to prices," Galley added.

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