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Financial News: UK House Price Inflation Eases Sharply To 2.7%

UK House Price Inflation Eases Sharply To 2.7% In December

01/08/2018 - 04:01:00 (RTTNews)

(RTTNews) - UK house price growth slowed sharply in December and prices declined from the prviou month, preliminary data from the Lloyds bank subsidiary Halifax and IHS Markit showed Monday.

The house price index rose 2.7 percent year-on-year following 3.9 percent increase in the previous month. The latest increase was the smallest since August, when prices grew 2.6 percent.

In the October-December quarter, house prices rose 1.3 percent from the previous three months ending September.

On a monthly basis, house prices fell 0.6 percent from November,when they rose 0.3 percent. The latest fall was the first since June.

The average price of a house was GBP 225,021 versus GBP 222,668 a year ago.

"The housing market in 2017 followed a similar pattern to the previous year," Russell Galley, Halifax Community Bank managing director said.

"House price growth slowed, whilst building activity, completed sales and mortgage approvals for house purchase all remained flat. This has been driven by a squeeze on real wage growth and continuing uncertainty over the economy."

Galley said nationally house prices in 2018 are likely to be supported by the ongoing shortage of properties for sale, low levels of housebuilding, high employment and a continuation of low interest rates making mortgage servicing affordable in relative terms.

"Overall we expect annual price growth to continue in the range of 0-3% at the end 2018," Galley added.

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