Financial News: UK House Prices Rise For Fourth Straight Month

UK House Prices Rise For Fourth Straight Month

11/07/2024 - 02:56:00 (RTTNews)

(RTTNews) - UK house prices increased for the fourth straight month to hit a record high in October but prices are expected to climb at a moderate pace as slower interest rate cuts by the Bank of England and new government policies might damp demand, mortgage lender Halifax said Thursday.

House prices grew 0.2 percent from September, as expected. This follows a 0.3 percent gain each in August and September.

Year-on-year, house price inflation softened to 3.9 percent from 4.6 percent in September. Prices were expected to grow 4.2 percent.

Data showed that house prices rose to hit a record high of GBP 293,999 in October.

Looking ahead, borrowing constraints remain a challenge for many buyers, Halifax Head of Mortgages Amanda Bryden said.

Following the Budget, markets expect the Bank of England to lower interest rates more slowly than previously anticipated, which could keep mortgage costs higher for longer, Bryden noted.

"New policies like higher stamp duty for second home buyers and a return to previous thresholds for first-time buyers might also affect demand," she added.

Although house prices are expected to keep growing, it will likely be at a modest pace for the rest of this year and into next, said Bryden.

The BoE is set to lower its benchmark rate by a quarter-point to 4.75 percent later today but uncertainty over the future policy easing escalated after Donald Trump won the US presidential election.

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