Economy

House prices rise at fastest rate since January, says Halifax

House prices rise at fastest rate since January, says Halifax”

United Kingdom house prices rose more than expected in October, according to a survey released on Tuesday, making the third monthly rise in a row.

Mark Harris, chief executive of mortgage broker SPF Private Clients, added: "With demand for housing outstripping supply, property prices continue to be supported with the annual rate of growth continuing to rise".

The BoE last week increased its benchmark rate to 0.50 percent from 0.25 percent and said it did not expect the hike to have a big impact on households.

House prices across the United Kingdom rose at their fastest quarterly rate since January in the three months to the end of October, according to figures published by Halifax.

House prices across the United Kingdom are rising strongly and will continue to do so in the months ahead, the Halifax has reported. That said Halifax does not anticipate the Base Rate rise will be a barrier to buying a house.

It said that last week's rise in base rates, which will affect more than four million people on variable rate mortgages, was unlikely to dampen the market.

They rose by 0.3 per cent between September and October, following a 0.8 per cent increase in September, taking the average price to £225,826.

House prices increased 4.5 percent in three months to October from the same period of 2016, following 4 percent rise in three months to September. The survey, which tracks consumer sentiment on whether house prices will be higher or lower in a year's time, has dropped from +44 in April to +30 in October, matching the record fall seen following the European Union referendum result.

Public confidence in rising house prices has also fallen to its lowest level since December 2012, according to the Halifax Housing Market Confidence Tracker.

Inflation hit a five-year high of 3 per cent in September, largely as a result of the slump in the pound in the aftermath of last year's Brexit vote.

Average weekly earnings rose by 2.2% year-on-year, in line with the gain recorded in the previous month and slightly above the 2.1% figure analysts expected.



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