UK July Halifax house price index +1.4% vs +0.2% m/m expected

08 August, 2018, 09:52 | Author: Eric Barnett
  • A woman walks past adverts in an estate agent window

Annual house price growth reached 3.3 per cent, exceeding forecasts of 2.6 per cent, according to a survey by Halifax, Britain's biggest mortgage provider.

Halifax said house prices rose 1.4% in July alone, taking the average house price to a new record of £230,280.

That's a much higher jump in house prices than expected and a higher revision on the monthly figure for June as well. Its figure for annual house price inflation is 2.5%.

Despite the upbeat figures, however, Russell Galley, managing director at Halifax, said housing activity remained "soft".

Halifax said that house prices are being supported by the underlying strength in the jobs market, with employment rising by 137,000 in the three months before May.

"That tussle continues, even if the last two months have seen increases in both the number of mortgage approvals and the number of homes coming onto the market".

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

Jeremy Leaf, north London estate agent and a former RICS residential chairman, also said July's rebound in prices was mainly due to a shortage of homes on the market and continuing low mortgage rates.

Economists said the July figures from Halifax should be treated cautiously.

'Potential house buyers may also be concerned that they are likely to face further interest rate hikes over the medium term following August's hike'.



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