Annual rate of house price growth has continued to rise for the third month in succession according to Halifax
The latest Halifax House Price Index report – October 2017 released today headlines ‘Annual House Price Growth Rises to 4.5%’
House prices in the three months to October 2017 were 2.3% higher than in the three months to July 2017.
Prices in the three months to October were 4.5% higher than in the same three months a year earlier.
Russell Galley, Managing Director, Halifax Community Bank, said: “The annual rate of growth has continued to rise for the third month in succession, rising from 4.0% in September to 4.5% in October. The average house price is now £225,826 – exceeding last month’s previous high. House prices in the three months to October were 2.3% higher than in the previous quarter, the fastest quarterly increase since January.
“The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, continues to support house prices and is likely to do so over the coming months. Increasing pressure on household finances and continuing affordability concerns are some of the factors likely to dampen buyer demand. That said we do not anticipate the Base Rate rise will be a barrier to buying a house.”
Read the Halifax House Price Index report – October 2017 in full click here.
You May Also Enjoy
Understanding House Value in the UK: A Simple Guide
What does latent defects insurance cover?
Breaking Property News – 24/04/24
An average rate of 6% for the first time since November – Rightmove’s weekly mortgage tracker
Understanding Property Valuation: A Simple Guide