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Financial News: UK House Price Growth Strongest Since 2016: Halifax

UK House Price Growth Strongest Since 2016: Halifax

09/07/2020 - 04:15:00 (RTTNews)

(RTTNews) - UK house prices increased at the fastest pace since late 2016 driven by the pent-up demand and stamp duty reduction, data from the Lloyds Bank subsidiary Halifax and IHS Markit showed Monday.

House prices increased 5.2 percent on a yearly basis in three months to August, which was the strongest since late 2016. Prices had advanced 3.8 percent in three months to July.

Average price of a property tipped over GBP 245,000 for the first time on record. On a quarterly basis, house prices gained 1.3 percent in three months to August. Russell Galley, Managing Director, Halifax, said a surge in market activity has driven up house prices through the post-lockdown summer period, fuelled by the release of pent-up demand, a strong desire amongst some buyers to move to bigger properties, and of course the temporary cut to stamp duty.

Notwithstanding the various positive factors supporting the market in the short-term, it remains highly unlikely that this level of price inflation will be sustained, he said.

"Rising house prices contrast with the adverse impact of the pandemic on household earnings and with most economic commentators believing that unemployment will continue to rise, we do expect greater downward pressure on house prices in the medium-term," Galley added.

On a monthly basis, house price growth slowed marginally to 1.6 percent in August from 1.7 percent in July.

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