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Financial News: UK House Prices Rise Most In 4 Months:

UK House Prices Rise Most In 4 Months: Halifax

11/05/2021 - 06:42:00 (RTTNews)

(RTTNews) - UK house prices grew at the fastest pace in four months in October, taking the average property price up to an all-time high, survey data released by the Lloyds Bank subsidiary Halifax showed on Friday.

House prices increased 0.9 percent on a monthly basis in October, slower than the 1.7 percent rise in September.

In three months to October, house prices advanced 8.1 percent from the same period last year, the highest since June. Prices had increased 7.4 percent in three months to September.

Over the last 18 months, the race for space with buyers seeking larger properties pushed up property prices.

Combined with temporary measures such as the cut to Stamp Duty, this has helped push the average property price up to an all-time high of GBP 270,027, Russell Galley, Managing Director, Halifax, said.

First-time buyers, supported by parental deposits, improved mortgage access and low borrowing costs, have also helped to drive price growth in recent months, Galley noted.

"With the Bank of England expected to react to building inflation risks by raising rates as soon as next month, and further such rises predicted over the next 12 months, we do expect house buying demand to cool in the months ahead as borrowing costs increase," said Galley.

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