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Financial News: UK Halifax House Prices Rise Most In 7

UK Halifax House Prices Rise Most In 7 Months

12/06/2019 - 03:49:00 (RTTNews)

(RTTNews) - UK house prices increased at the fastest pace in seven months in November, data from the Lloyds Bank subsidiary Halifax and IHS Markit showed on Friday.

House prices increased 2.1 percent on a yearly basis in three months to November, following a 0.9 percent rise in three months to October. Economists had forecast an annual growth of 1 percent.

Prices increased at the fastest pace since April, when inflation was 2.6 percent.

Month-on-month, house prices advanced by a more-than-expected 1 percent, in contrast to a 0.1 percent fall in October. Prices were expected to gain 0.2 percent.

In three months to November, house prices were 0.2 percent higher than in the preceding three months.

While a degree of uncertainty remains evident, it is also clear that buyers and sellers are responding to factors such as improved mortgage affordability and the limited supply of available properties, Russell Galley, managing director at Halifax, said.

"It is these issues which we believe will continue to underpin the resilience evident in the market for most of 2019. Over the medium term we expect the emerging trend of modest gains to continue into next year," Galley added.

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