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Financial News: UK House Price Inflation At 8-Month Low :

UK House Price Inflation At 8-Month Low : Halifax

10/07/2022 - 03:35:00 (RTTNews)

(RTTNews) - UK house price inflation eased for the third straight month in September to the lowest in eight months, survey data from the Lloyds Bank subsidiary Halifax showed on Friday.

The house price index climbed 9.9 percent year-over-year in September, slower than the 11.4 percent increase in the previous month.

Further, the rate of inflation was the slowest since January, when prices had risen 9.7 percent.

On a monthly basis, house prices edged down 0.1 percent in September, reversing 0.3 percent increase in August.

The average house price dropped slightly to GBP 293,835 from GBP 293,992 in the preceding month.

Among regions, Wales logged the sharpest annual increase in house prices at 14.8 percent. House price inflation eased to single digits in Eastern England, Greater London, the North East and Scotland.

"While stamp duty cuts, the short supply of homes for sale and a strong labour market all support house prices, the prospect of interest rates continuing to rise sharply amid the cost of living squeeze, plus the impact in recent weeks of higher mortgage borrowing costs on affordability, are likely to exert more significant downward pressure on house prices in the months ahead," Kim Kinnaird, Director, Halifax Mortgages, said

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