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Financial News: UK House Price Inflation Highest Since November 2022:

UK House Price Inflation Highest Since November 2022: Halifax

10/07/2024 - 05:13:00 (RTTNews)

(RTTNews) - UK house prices rose at the fastest annual rate in almost two years in September due to base effects, survey data from the Lloyds Bank subsidiary Halifax showed Monday.

The house price index rose 4.7 percent year-on-year in September, faster than the 4.3 percent rise in August. Further, this was the steepest increase since November 2022.

Higher annual growth continues to reflect the base impact of weaker prices a year ago, the Halifax said.

On a month-on-month basis, house prices rose at a stable rate of 0.3 percent in September. Economists had forecast a 0.2 percent increase. Prices rose for the third successive month.

The average house price now stands at GBP 293,399 versus GBP 292,540 in the previous month. Moreover, this was the highest price since June 2022.

Among regions, Northern Ireland continues to record the strongest annual house price growth in the UK.

Another highlight of the data showed that the average amount paid by first-time buyers has increased by 4.2 percent over the past year to GBP 232,769, its highest level since May 2024. Nonetheless, that was still about GBP 1,000 less than the average amount paid by a first-time buyer two years ago.

Amanda Bryden, Head of Mortgages, Halifax, said that market conditions have steadily improved over the summer and into early autumn, while mortgage affordability has been easing thanks to strong wage growth and falling interest rates.

As a result, confidence among potential buyers strengthened as the number of mortgages agreed up over 40 percent in the last year and is now at its highest level since July 2022.

"While improved mortgage affordability should continue to support buyer activity - boosted by anticipated further cuts to interest rates - housing costs remain a challenge for many," the Halifax Head said.

"As a result, we expect property price growth over the rest of this year and into next to remain modest."

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