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Financial News: UK House Price Growth Accelerates In August: Halifax

UK House Price Growth Accelerates In August: Halifax

09/07/2017 - 05:41:00 (RTTNews)

(RTTNews) - UK house prices increased at a faster pace in August, data from the mortgage lender Halifax and IHS Markit showed Thursday.

House prices advanced 2.6 percent year-on-year in three months to August, faster than the 2.1 percent increase seen in three months to July. The annual growth was forecast to stagnate at 2.1 percent.

On a monthly basis, house prices rose 1.1 percent, following a 0.7 percent rise in July.

"Recent figures for mortgage approvals suggest some buoyancy may be returning, possibly on the back of strong recent employment growth, with the unemployment rate falling to a 42 year low," Russell Galley, Managing Director, Halifax Community Bank, said.

"However, wage growth is still lagging increases in consumer prices, which is likely to add pressure on household finances and increase affordability challenges for some buyers," Galley said.

"House prices should continue to be supported by low mortgage rates and a continuing shortage of properties for sale over the coming months," he added.

However, Hansen Lu, an economist at Capital Economics, said with borrower leverage already high and real wages grinding lower, there is little prospect of revival in house price growth over the remainder of the year.

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