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House prices up 3.9% in just one month – Halifax

  • 05/06/2014
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House prices up 3.9% in just one month – Halifax
House prices across the UK have risen by 3.9% in a single month, figures from Halifax have shown.

The bank’s latest house price index said the average UK house price in May stood at £184,464, a rise of 3.9% on April’s figure.

Overall, property prices are 8.7% higher than a year ago.

Using a less volatile quarterly comparison, the average price between March and May was 2% up compared to the preceding three months. Halifax said this level of increase had remained steady since June 2013.

“House prices in the three months to May were 2.0% higher than in the three months to February,” Halifax mortgage director Stephen Noakes said.

“The quarter-on-quarter price change is a more reliable indicator of the underlying trend compared to the monthly price movement. Annually prices were 8.7% higher in the three months to May than in the same three months last year.

“On an annual basis housing demand is still strong and continues to be supported by a strengthening economic recovery. Consumer confidence is being boosted by a rapidly improving labour market and low interest rates, although growth in average earnings still remains weak.

“However, there are signs of a revival in housebuilding which should bring supply and demand into better balance and curb upwards pressure on prices over the medium and longer term.”

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