UK House Price Growth Exceeds Expectations In November

UK House Price Growth Exceeds Expectations In November

The rate of growth was in line with forecast but lower than the one recorded in October, which represented the fastest rate of growth since February, and marked the first decline in annual growth since July.

Halifax reports the average United Kingdom house price rose 2.4% in the three months to the end of November, compared with the previous three months. But house price growth slowed on an annual basis to 3.9 percent in the three months to November, following a 4.5 percent rise in October.

The 0.5 per cent rise from October to November marks the fifth month in a row that house prices have gone up, reported the UK's biggest mortgage lender.

Property prices from September to November are 3.9 per cent higher than they were in the same three months past year.

House prices are continuing to surge higher, according to research by Halifax that runs contrary to most other surveys of the housing market.

Russell Galley, Halifax's managing director said: "The imbalance between supply and demand continues to support house prices, which doesn't look like changing in the near future".

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Galley said he doesn't expect the Government's first-time buyer Stamp Duty changes to provide some stimulus to demand, particularly in London and the South East where the impact is greatest.

They saw a third of properties on the market have their asking prices cut by a "modest" 0.8 per cent - an average of £2,392. However, the lack of property - both in the United Kingdom and available for sale - will continue to prop up prices, regardless of other details.

"As the Halifax report this morning indicates that the average home price of £226,821 now falls squarely within the stamp duty exception range for first-time buyers, hopefully the recent move by the chancellor will translate into real savings for those getting onto the ladder", said Murphy.

Lenders began raising their interest rates from the end of September, in anticipation of a rise in the Bank of England's base rate, which came on 2 November.

"Increased demand will certainly place upward pressure on the market", said Jeff Knight at Foundation Home Loans, "at least until reforms to the planning system start to have an effect and more land is made available for the promised thousands of new builds".

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