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Affordability boosts house prices to biggest rise since February – Halifax

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  • 06/12/2019
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Affordability boosts house prices to biggest rise since February – Halifax
The average UK house price rose 2.1 per cent year-on-year in November to £234,625, the sharpest rise since six per cent in February.

 

November recorded one per cent month-on-month growth compared to October, the Halifax House Price Index revealed.

October had seen the slowest month-on-month growth of the year at minus 0.1 per cent. 

House prices rose 0.2 per cent for the three months to 30 November. 

 

Affordability boon 

Russell Galley, managing director of Halifax, said: “Prices are now up by £3,904 since the start of the year. While a degree of uncertainty remains evident, it’s also clear that buyers and sellers are responding to factors such as improved mortgage affordability and the limited supply of available properties. 

“We believe these issue will continue and we expect the emerging trend of modest gains to continue into next year.” 

Andrew Montlake, managing director of Coreco, added: “The mortgage market has been carrying the property market on its shoulders for some time and this was more evident than ever in November. 

“Mortgage rates are so low that despite the political noise people are getting on with their lives and moving home.

“The pragmatism in the market is being supported by the fact sellers have also become more realistic around asking prices,” Montlake said. 

 

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