UK House Price Growth Exceeds Expectations In November

07 December, 2017, 19:52 | Author: Regina Silva
  • UK Property Market Enjoys Fifth Consecutive Month of Positive Growth

There were 64,575 mortgage approvals, a leading indicator of completed house sales, in October, a 2.3% decrease from 66,111 in September.

On another measure, property prices rose 2.4pc in the three months to November, compared with previous three-month period, representing the fastest rise since January, Halifax said in its November House Price Index report.

As the issue of supply is unlikely to be addressed in any meaningful way the lack of stock to meet housing demand should keep prices buoyant, aided by the recent changes to first-time buyer stamp duty, although this will bring a marginal influence much further down the line than widely expected.

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". This was the fastest price growth, on this measure, since January.

But house price growth slowed on an annual basis to 3.9 percent in the three months to November, following a 4.5 percent rise in October.

Home sales grew by a modest 2% to 105,260 in October to reach their highest monthly level in 2017.

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The latest data from the Royal Institution of Chartered Surveyors (Rics) showed a sharp decline in the supply of homes for sale and a weakening of new buyer enquiries.

Delivering the first Autumn Budget in 21 years last month, the Chancellor unveiled plans to scrap stamp duty for first time buyers up to £300,000, while those buying a home worth up to £500,000 will not have to pay stamp duty on the first £350,000.

And Zoopla has revealed homeowners were selling their homes at nearly 4 per cent less than the asking price in September.

Alex Gosling, chief executive of online estate agents HouseSimple.com, said market activity had dropped off earlier than normal this year.

"Hopefully the chancellor's Budget decision to cut stamp duty for first-time buyers will give the bottom end of the market the energy boost it desperately needs".

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

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