House prices hit new record in July as growth picks up - Halifax

09 August, 2018, 12:40 | Author: Regina Silva
  • House prices hit new record in July as growth picks up - Halifax

The pace of the rise has confounded many economists, who had expected it to be 2.7 per cent, according to a Reuters survey.

This leaves the average house price at its highest on record - £230,280.

On a monthly basis, prices rose by 1.4pc in July, while quarterly prices were 1.3pc higher than in the preceding three months, the fastest quarterly increase since November.

A bounce in volatile monthly figures added £3,253, or 1.4 per cent, to the cost of the average home and saw annual house price inflation accelerate from the 1.8 per cent seen in June.

British house prices spiked in July, despite other signs of softness in the market, mortgage lender Halifax said on Tuesday.

United Kingdom home sales fell by three per cent in June, with the figure for the three months to June unchanged compared to the previous quarter.

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Mike Scott, chief property analyst at estate agent Yopa, said the increase in prices does not reflect an increase in market activity, with both buyer and seller numbers remaining subdued.

The rise comes just days after the Bank of England raised interest rates from 0.5 to 0.75 per cent.

August's figures will be the first to reflect the impact of the base rate rise.

Russell Galley, managing director at Halifax Bank, said: "Pressures on household finances are easing as growth in average earnings continues to rise at a faster rate than consumer prices".

'It is nearly as if the north/south divide is working in reverse with more activity outside rather than inside the capital, ' he added.

"The modest momentum could also be given a short-term boost by last week's increase in interest rates, which, rather than cooling the market, may spur previously hesitant buyers into action during the typically busy "back to school" season next month". Many usual voices will be quick to highlight a "lacklustre property landscape", but the highest increase in prices since November speaks for itself and is still palatable, if not absolutely ideal for both camps. "Prices are up annually and while a slightly tired market hasn't narrowed the unaffordability gap over the past year or two, it has at least stalled it from widening somewhat" he says.

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