Economy

United Kingdom house prices rise at fastest rate in eight months during August

United Kingdom house prices rise at fastest rate in eight months during August”

The stronger monthly performance means the annual rate of house price growth increased to 2.6% in August versus 2.1% in the prior month. High employment and very low mortgage rates are also now supportive.

Even so, house prices were still up by just 0.1% in the three months to August compared to the three months to May - although this was the first positive three-month/three-month reading since March.

The Halifax, part of Lloyds Banking Group, said the average United Kingdom home cost £222,293 in August, a 1.1% increase on the previous month.

Annual property price inflation picked up from 2.1 per cent in July to 2.6 per cent last month, but is down substantially on the 8.4 per cent recorded a year ago.

The data from Halifax is one of many house price indexes.

The Bank of England said last week that mortgage approvals unexpectedly jumped to a 16-month high in July.

While July's marked pick-up in mortgages may ease some concerns over tepid housing market activity, we have doubts that it marks the start of a significant upturn.

The slowdown in Britain's housing market could be coming to an end, as United Kingdom house prices rose 0.1% between June and August compared to the preceding three months, marking the first quarterly increase since March.

'House prices should continue to be supported by low mortgage rates and a continuing shortage of properties for sale over the coming months'.

Halifax also pointed to strength in the United Kingdom labour market as a factor underpinning the housing market.

It takes the average United Kingdom house price to a record £222,293, just above the previous peak of £222,190 reached in December 2016. Consequently, average stock levels on estate agents' books remained close to record lows.

However, Halifax flagged most recent HMRC data showing that property sales had edged up to 104,760 between June and July - exceeding 100,000 for the seventh month in a row.

HMRC figures show United Kingdom home sales edged up to 104,760 in July, the highest monthly level since March 2016. The latest RICS survey showed new instructions to sell fell for a 17 month running in July.



Like this

loading...
loading...

Latest


07 September 2017
Some Users Can Now Post Instagram Stories Directly to Facebook
As of now, users have to individually post Stories to both the platforms. "We have no other plans to share at this time". While the feature seems to be doing really well on Instagram, the same doesn't seem to be the case with Facebook .

07 September 2017
FSU kickoff moved up to noon, Miami Hurricanes game canceled
No game on Saturday will give Miami time to prep for Florida State , which hosts the Hurricanes on September 16. We are now working through all the variables associated with the game not being played.

07 September 2017
Jeph Loeb Says ABC Is Still the 'Mothership' for Marvel TV
Marvel's ABC shows have been given a bit more love, with characters like Samuel L. Marvel's Inhumans is slated for a September 29 release on ABC .

07 September 2017
Lotus Evora GT430 Sport Unveiled
Now the vehicle weighs 1248 pounds, and its ratio of power to weight reached 345 a ton of force. Both Evora GT430 models are available with either a six-speed manual or a six-speed automatic.

07 September 2017
Bucs-Dolphins game to be played November 19
The NFL and the Dolphins have been monitoring the situation and there are only a handful of options at this time. This storm is huge and will impact parts of Florida regardless of whether it makes landfall in Florida.

07 September 2017
It's still summer for two more weeks, but it doesn't feel like it
There will be a slight chance for rain on Friday , but sunny skies are expected for Friday , Saturday and Sunday . This unsettled weather is from a slow moving cold front that will finish crossing the state early Thursday .

07 September 2017
Microsoft Surface event scheduled for 31st Oct in London
People who are using Microsoft's Windows phones, are eagerly waiting for some updates to the software and hardware as well. The updated Surface Book and Surface Pro are expected to be powered by Intel's latest 8th gen processors.

07 September 2017
Destiny 2 Clan features won't be available in-game for "several days"
Support for raids will be added on September 26th with 100 percent of the player base having access to it. Naturally the responses were pretty glib on the matter, but it's definitely coming soon.

07 September 2017
WhatsApp to Charge Businesses
Facebook also began a more concerted push into business use, with its Workplace social network platform launch at the end of 2016. WhatsApp has announced it would soon be launching features to take businesses onboard.

07 September 2017
Destiny 2 Clan Features "Unavailable" For Next Few Days
This, of course, effects the game's reliance on co-op - something undoubtedly important in any new online first-person shooter. Bungie has announced via Twitter that the Clan features in Destiny 2 will be unavailable to players for several more days.