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Financial News: UK House Price Inflation Accelerates In October

UK House Price Inflation Accelerates In October

11/07/2017 - 03:49:00 (RTTNews)

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

House prices increased 4.5 percent in three months to October from the same period of 2016, following 4 percent rise in three months to September. The annual rate came in line with expectations.

The average price of GBP 225,826 was the highest on record, Halifax said.

During August to October period, house prices were 2.3 percent higher than in the previous three months, the fastest price growth, on this measure, since January.

Month-on-month, house price growth slowed to 0.3 percent from 0.8 percent in September. This was the weakest growth in the current four-month sequence of increase but bigger than the expected 0.1 percent.

"The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, continues to support house prices and is likely to do so over the coming months," Russell Galley, managing director at Halifax Community Bank, said.

Increasing pressure on household finances and continuing affordability concerns are some of the factors likely to dampen buyer demand, Galley added. That said Halifax does not anticipate the Base Rate rise will be a barrier to buying a house.

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