UK monthly house price growth hits 8-month high
[LONDON] British house prices jumped in August at the fastest pace this year, adding to signs the housing market has regained some strength after its post-Brexit vote slowdown, mortgage lender Halifax said on Thursday.
House prices increased 1.1 per cent from July, the biggest one-month rise since December and building on July's 0.7 per cent increase, Halifax said.
"Recent figures for mortgage approvals suggest some buoyancy may be returning, possibly on the back of strong recent employment growth, with the unemployment rate falling to a 42-year low," said Russell Galley, managing director of Halifax Community Bank.
However, falling wage growth, when adjusted for inflation, would limit the affordability of houses for some buyers, he said.
Annual house price growth picked up to 2.6 per cent from 2.1 per cent in July, Halifax said.
Last week the Bank of England said mortgage approvals were much stronger than expected in July.
A Reuters poll of analysts last week pointed to a muted outlook for the housing market, with prices expected to rise two per cent this year and next.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow