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Financial News: UK House Price Inflation Eases Further: Halifax

UK House Price Inflation Eases Further: Halifax

09/07/2022 - 07:08:00 (RTTNews)

(RTTNews) - UK house price inflation eased for the second straight month in August, while house prices rebounded slightly on a monthly basis, survey data from the Lloyds Bank subsidiary Halifax showed on Wednesday.

The house price index climbed 11.5 percent year-over-year in August, slower than the 11.8 percent increase in the previous month. This was the slowest rate of increase in three months.

On a monthly basis, house prices rose 0.4 percent in August, reversing a 0.1 percent decrease in the prior month. However, that was below the average monthly inflation of 0.9 percent over the last year.

The average property prices reached another record high of GBP 294,260 in August, up from GBP 293,173 in July.

"While house prices have so far proved to be resilient in the face of growing economic uncertainty, industry surveys point towards cooling expectations across the majority of UK regions, as buyer demand eases, and other forward-looking indicators also imply a likely slowdown in market activity," Halifax Mortgages Director Kim Kinnaird said.

The 80 percent rise in the energy price cap in October will put more pressure on household finances, as will the further increases expected in January and April, Kinnaird added.

Among regions, Wales logged the highest annual inflation in August, up by 16.1 percent, which was the strongest level of growth since early 2005.

The inflation rate in London stood at 8.8 percent, its highest level in over six years.

Meanwhile, the house price growth in Northern Ireland and Scotland eased further in August.

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