UK house prices increased at the fastest pace since mid-2016, data released by the Lloyds Bank subsidiary Halifax and IHS Markit showed Friday.
House prices increased 7.5 percent on a yearly basis in three months to October from the same period last year, the strongest rise since June 2016. Prices had advanced 7.3 percent in three months to September.
On a monthly basis, house price inflation slowed to 0.3 percent from 1.5 percent in September.
Russell Galley, Managing Director, Halifax, said for the first time in history, average house price exceeded a quarter of a million pounds.
“This level of price inflation is underpinned by unusually high levels of demand, with latest industry figures showing home-buyer mortgage approvals at their highest level since 2007, as transaction levels continue to be supercharged by pent-up demand as a result of the spring/summer lockdown, as well as the Chancellor’s waiver on stamp duty for properties up to GBP 500,000,” Galley added.
With a number of clear headwinds facing the housing market, Halifax expects to see greater downward pressure on house prices moving into 2021.
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