House prices rise 2.1% year on year despite Brexit uncertainty, Halifax says
ANNUAL house prices have risen 2.1 per cent in the past year despite Brexit uncertainty, according to Halifax’s latest index.
Its data showed that house prices in the UK rose by 1 per cent, on a monthly basis.
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”.
According the Halifax index, in the latest quarter from September to November house prices were 0.2 per cent higher than in preceding months from June to August.
The HMRC monthly data showed that in October the number of residential transactions were 103,680, which is a 4.2 per cent increase from September.
According to figures from the Bank of England, the numbers of mortgage approvals have risen by 0.3 per cent since September.
The total number of approved mortgages in October was 64,602.
Gareth Lewis, commercial director of property lender MT Finance, said: “Surprisingly, there is clearly still confidence in the housing market, perhaps boosted by mortgage affordability and job security”.
“This suggests people want to buy, although there is an underlying nervousness as to what lies ahead with Brexit or a potential hung parliament”.
Marc von Grundherr, Director of Benham and Reeves, commented on the rise saying: “The one thing that will no doubt be on the Christmas wish list of home buyers and sellers across the UK is an end to the market uncertainty.”
House prices are expected to rise after Brexit is completed.
The Halifax House Price Index is the UK’s longest running monthly house price series with data covering the whole country since January 1983.
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