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

Latest


07 September 2017
Looking for the method behind Donald Trump's political madness
McConnell said he would add the plan agreed to by Trump and Democrats as an amendment to the House-passed bill and support it. Such a combined measure would then have to be sent back to the House for approval.

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
Zello looks to dispel rumors about hurricane usage
While the app may be a good tool to have to get in contact with friends and family, it is not guaranteed to work after the hurricane.

07 September 2017
Trump and Australian prime minister hold 'very constructive' call on N.Korea
Earlier this week Turnbull dismissed reports that Australian special forces have been offered to help the Philippine government. Also on Sunday, Trump mentioned the possibility of "stopping all trade with any country doing business with North Korea".

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
China firmly opposes and strongly condemns DPRK nuclear test
The actions by the Myanmar security forces against the Rohingya was only increasing the risk of radicalisation, he said. Looking back to the First World War, Guterres said, there was a step-by-step process of escalation.

07 September 2017
The Force receive word on their Super Rugby axing appeal
Forrest, founder and chairman of Fortescue Metals, said he planned to kick off the competition with an global game. Mr Forrest said the new competition would target a region he said was poorly served by the existing competition.

07 September 2017
MassSpec cancer pen can identify tumours in ten seconds
The pen works by releasing a tiny droplet of water onto the tissue, which soaks ups biological material, such as fast, proteins and sugars.

07 September 2017
Charles Bradley Cancels Tour After His Cancer Returns
Lincoln Calling lost one of its headliners after Florida soul artist Charles Bradley backed out from the festival Wednesday morning.

07 September 2017
Creston students disciplined for photo suggestive of KKK
One of the participants is holding a rifle with a scope on it, and another is holding a red flag that may be a Confederate flag. Creston, he said, is a "loving" community. "It's quite recently dismal that one picture can destroy our notoriety".



Recommended