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Financial News: UK Halifax House Price Growth Tops Expectations

UK Halifax House Price Growth Tops Expectations

01/08/2020 - 04:09:00 (RTTNews)

(RTTNews) - UK house prices logged its fastest growth this year in December, data from the Lloyds Bank subsidiary Halifax and IHS Markit showed on Wednesday.

House prices increased 1.7 percent on a monthly basis, faster than the 1.2 percent increase in November. This was the fastest gain seen this year and exceeded the expected rate of 0.6 percent.

In three months to December, house prices advanced 4 percent from last year after climbing 2.1 percent in three months to November. Economists had forecast 1.5 percent increase.

Russell Galley, Managing Director at Halifax, said, "Average house prices rose by 4% over 2019, at the top of our predicted range of 2% to 4% growth for the year."

"Looking ahead, we expect uncertainty in the economy to ease somewhat in 2020, which should see transaction volumes increase and further price growth made possible by an improvement in households' real incomes," Galley added. Galley expects a moderate pace of gains to continue into next year.

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