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Financial News: UK House Prices Fall For Second Month: Halifax

UK House Prices Fall For Second Month: Halifax

02/07/2018 - 03:45:00 (RTTNews)

(RTTNews) - UK house prices decreased for the second straight month in January, data from the Lloyds bank subsidiary Halifax and IHS Markit showed Wednesday.

House prices fell unexpectedly by 0.6 percent in January from December, when they were down 0.8 percent. Prices were forecast to climb 0.2 percent.

In three months to January, house prices grew at a slower pace of 2.2 percent from the previous year, slower than the 2.7 percent increase logged in three months to December. Economists had forecast the rate to slow moderately to 2.4 percent.

On a quarterly basis, house prices remained flat after gaining 1.3 percent in three months ended December.

"Despite the recent rise in the Bank of England Base Rate, mortgage rates are still very low," Russell Galley, Managing Director, Halifax Community Bank, said.

"This, combined with an ongoing acute shortage of properties for sale, will continue to underpin house prices over the coming months," Galley added.

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