Halifax reports further increase in UK house prices
According to the Halifax,the division of Lloyds Banking Group Plc, UK house prices rose more than twice as much as economists forecast in November as demand for property outstripped supply.Prices climbed 1.4 percent to an average of £167,664 after rising 1.2 percent in October.
Martin ellis housing economist at Halifax, said in the report“Somewhat higher demand has combined with a low level of properties available for sale to push up prices...Further ahead, the prospects for the market will depend on how the U.K. economy evolves and whether there is a significant increase in the supply of properties for sale.”
House prices have risen 8.5 percent since April after losing 23 percent over the previous 20 months. The average price in the three months through November was 1.6 percent lower than a year earlier.
1 comment:
Noonre reeally knows what property prices will do next year but the consenbsus is that they will either stagnate or fall as the recent timid rises we've seen at the back end of this year encourage more properties onto the market, raising supply ahead of current demand.
The continuation of low interest rates and the increasing aailablitity of suitable ortgage products will undoubtable have a big part to play.
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