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Financial News: UK House Price Growth Accelerates In July

UK House Price Growth Accelerates In July

08/07/2018 - 04:28:00 (RTTNews)

(RTTNews) - UK house prices increased at a faster pace in July to hit a record high level, data from the Lloyds bank subsidiary Halifax and IHS Markit showed Tuesday.

House prices grew 1.4 percent month-on-month in July, faster than the 0.9 percent rise in June. Economists had forecast a marginal 0.2 percent rise for July.

In three months to July, house prices growth advanced to 3.3 percent annually from 1.8 percent in the quarter ended June. The rate was expected to accelerate moderately to 2.7 percent.

The average house price hit a new record of GBP 230,280 in July.

During May to July period, house prices were 1.3 percent higher than in the preceding three months.

Russell Galley, Managing Director at Halifax, said, "Despite the recent modest improvement in mortgage approvals, the latest survey data for new buyer enquiries and agreed sales suggest that approvals will remain broadly flat until the end of the year.

"With regards to the recent rise in the Bank of England Base Rate, we do not anticipate that this will have a significant effect on either mortgage affordability or transaction volumes," Galley added.

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