Economy

House price growth slows in November, says Halifax

House price growth slows in November, says Halifax

Prices rose 3.9pc in the three months to November, compared with the same period past year, but the pace of growth has slowed since October, when the annual increase was 4.5pc, according to the lender. House prices rose 0.5 percent month-on-month after a 0.3 percent rise in October, Halifax said, topping the consensus in a Reuters poll of economists for a 0.2 percent rise.

Halifax said its mortgage data showed that house prices rose by 3.9 per cent in the three months to the end of November, compared with the same period a year ago. The average house price in the United Kingdom is now £226,821.

House prices are continuing to surge higher, according to research by Halifax that runs contrary to most other surveys of the housing market.

Russell Galley, Halifax's managing director said: "The imbalance between supply and demand continues to support house prices, which doesn't look like changing in the near future".

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Home sales grew by a modest 2% to 105,260 in October to reach their highest monthly level in 2017. "Looking ahead, we remain concerned that even relatively small increases in mortgage rates-in response to last month's Bank Rate hike and the impending closure of the Term Funding Scheme-will reduce the size of mortgages that households take out, while falling consumer confidence will additionally subdue demand". In the three months to November home sales were 7% higher than in the same period a year earlier.

That outlook comes despite a slowdown in mortgage approvals in October and the likelihood of further BOE and mortgage interest rate rises in 2018. The figures come two weeks after Chancellor Philip Hammond delivered a budget that included measures to help first-time buyers and spur more housebuilding. However, the lack of property - both in the United Kingdom and available for sale - will continue to prop up prices, regardless of other details.

Supply has now fallen in 20 consecutive months to October, while new buyer enquiries weakened in both September and October, marking the seventh consecutive month this measure has fallen.


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