Annual rate of growth increases in August over previous month according to Halifax
Halifax House Price Index August 2017 published today headlines ‘Annual House Price Growth Picks Up To 2.6%’.
House prices in the last three months (June-August) were 0.1% higher than in the previous three months (March-May).
Prices in the three months to August were 2.6% higher than in the same three months a year earlier. House prices rose by 1.1% between July and August, following a 0.7% increase in July.
Russell Galley, Managing Director, Halifax Community Bank, said: “The annual rate of growth increased from 2.1% in July to 2.6% in August with the average house price now £222,293, which is just above the previous high of December 2016 (£222,190).
“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. However, wage growth is still lagging increases in consumer prices, which is likely to add pressure on household finances and increase affordability challenges for some buyers.
“House prices should continue to be supported by low mortgage rates and a continuing shortage of properties for sale over the coming months”.
Read the Halifax House Price Index August 2017 report in full click here.
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