Financial News: UK House Price Growth Strongest Since Late 2022

UK House Price Growth Strongest Since Late 2022

09/06/2024 - 05:54:00 (RTTNews)

(RTTNews) - UK house prices grew the most since late 2022 as easing borrowing costs boost confidence among prospective homebuyers, data published by the mortgage lender Halifax showed Friday.

House prices logged an annual growth of 4.3 percent in August, following a 2.4 percent rise in the preceding period. This was the fastest growth since November 2022 and also exceeded economists' forecast of 4.2 percent.

On a monthly basis, house price growth more than halved to 0.3 percent from 0.9 percent in July. However, this was slightly bigger than the forecast of 0.2 percent and also marked the second consecutive rise.

Halifax Head of Mortgages Amanda Bryden said the annual growth was largely due to the comparison with weaker growth this time last year.

Bryden said, "Recent price rises build on a largely positive summer for the UK housing market. Prospective homebuyers are feeling more confident thanks to easing interest rates."

Homebuyers' optimism is reflected in the latest mortgage approval figures, which is at their highest level in almost two years.

With market activity picking up and the possibility of further interest rate reductions to come, house prices are expected to continue their moderate growth through the remainder of this year, added Bryden.

At the August meeting, the BoE had lowered its benchmark rate for the first time since the onset of the coronavirus pandemic. The bank rate was reduced by 25 basis points to 5.00 percent from 5.25 percent, which was the highest since early 2008.

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