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Annual House Price Growth Rises to 4%

Oct 06, 2017

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House Prices continued to rise in September according to the latest figures from the Halifax House Price Index – pushing the average house price up to just over £225,000.

House prices in the three months of July to September were 1.4% higher than in the previous three months - the fastest price growth, on this measure, since February. Prices in the three months to September were also 4.0% higher than in the same three months in 2016.

The annual rate in September is higher than in August at 2.6% and at its highest growth rate since February - house prices rose by 0.8% between August and September, following a 1.5% increase in August.

Russell Galley, Managing Director, Halifax Community Bank, said: “The annual rate of growth has picked up for the second consecutive month, rising from 2.6% in August to 4.0% in September. The average house price is now £225,109 – the highest on record. House prices in the three months to September were 1.4% higher than in the previous quarter, the fastest quarterly increase since February.

“While the quarterly and annual rates of house price growth have improved, they are lower than at the start of the year. UK house prices continue to be supported by an ongoing shortage of properties for sale and solid growth in full-time employment. However, increasing pressure on spending power and continuing affordability concerns may well dampen buyer demand. There has been recent speculation on the possibility of a rise in the Bank of England base rate. We do not anticipate this will have a significant effect on transaction volumes.”

Original source - https://static.halifax.co.uk/assets/pdf/mortgages/pdf/September-2017-House-Price-Index.pdf