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Financial News: UK House Price Inflation At 7-month High: Halifax

UK House Price Inflation At 7-month High: Halifax

04/05/2019 - 04:58:00 (RTTNews)

(RTTNews) - UK house price inflation unexpectedly accelerated in March to its highest level in seven months, survey data from the Lloyds Bank subsidiary Halifax showed on Friday.

The house price inflation rose to 3.2 percent from 2.8 percent in February. Economists had expected a lower rate of 2.1 percent.

The latest figure was the highest since August, when inflation was 3.7 percent.

Compared to the previous month, house prices decreased 1.6 percent in March following a 6 percent rise in the previous month. Economists had predicted a 2.8 percent slump.

In the January to March quarter, house prices rose 1.6 percent from the previous three-month period ended December.

The need to build up a deposit before getting a mortgage is still a challenge for many looking to buy a property, Halifax Managing Director Russell Galley said.

However, the combined effect of fewer houses for sale and fewer people looking to buy continues to support prices in the long-term, he said.

"These conflicting challenges, when combined with the ongoing uncertainty around Brexit, have had an impact across the country but most notably in London, meaning that we continue to expect subdued price growth for the time being," Galley added.

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