Mon 09 Oct 2017 View all news articles

UK house prices rise at fastest annual rate since Feb - Halifax

British house prices regained momentum in September and recorded the fastest annual rise since February as buyers shrugged off the possibility of higher Bank of England interest rates, figures from major mortgage lender Halifax showed on Friday.

House prices rose 0.8 percent on the month in September alone, beating all economists’ forecasts in a Reuters poll, and house prices in the three months to September were 4.0 percent higher versus average expectations of a 3.6 percent rise.

“Prices continue to be supported by an ongoing shortage of properties for sale and solid growth in full-time employment. However, increasing pressure on spending power and continuing affordability concerns may well dampen buyer demand,” said Russell Galley, managing director of Halifax’s community bank.

“There has been recent speculation on the possibility of a rise in the Bank of England base rate. We do not anticipate this will have a significant effect on transaction volumes,” he added.

Halifax is part of Lloyds Banking Group. (Reporting by David Milliken; Editing by Alistair Smout)

Source: Reuters

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