UK House Prices Climb For Fifth Month: Halifax
07 Dezember 2021 - 05:52AM
RTTF2
UK house prices rose for fifth straight month and the average
home price hit a fresh record high in November, reflecting the
resilience of the housing market, survey results from the Lloyds
Bank subsidiary Halifax and IHS Markit showed Tuesday.
The house price index rose 8.2 percent year-on-year, same as in
October, which was the highest rate since June.
Compared to the previous month, house prices rose 1.0 percent in
November, same as in October. Economists had forecast a 0.8 percent
increase.
"The performance of the market continues to be underpinned by a
shortage of available properties, a strong labor market and keen
competition amongst mortgage providers keeping rates close to
historic lows," Halifax Managing Director Russell Galley said.
The quarterly increase in the house price index hit a 15-year
high in November. The quarterly figure accelerated to 3.4 percent
from 2.3 percent in October.
Further, the average UK property price hit a new record high of
GBP 272,992 in November versus GBP 270,184 in the previous
month.
The typical value was up by almost GBP 13,000 since June, and
more than GBP 20,000 since this time last year, Halifax said.
Since the onset of the Covid-19 pandemic in March 2020, and the
UK first entering lockdown, house prices have risen by GBP 33,816,
which equates to GBP 1,691 per month, the survey added.
Annual house price inflation for first-time buyers was 9.1
percent in November versus 8.8 percent for home-movers.
Halifax also found diverging patterns in house price growth
across different property types. House price inflation for flats
was in double-digits at 10.8 percent over the last year versus 6.6
percent for detached properties.
The difference could mean that the 'race for space' is becoming
less prominent than it was earlier in the pandemic, with industry
data also showing the overall number of completed transactions has
fallen back since the end of the Stamp Duty holiday, Halifax
said.
"Looking ahead, there is now greater uncertainty than has been
the case for quite some time, with interest rates expected to rise
to guard against further increases in inflation," Galley said.
"Economic confidence may be also be dented by the emergence of
the new Omicron virus variant, though it remains far too early to
speculate on any long-term impact, given insufficient data at this
stage, not to mention the resilience the housing market has already
shown in challenging circumstances."
Excluding the risk of a resurgence in the pandemic, Halifax said
it was unlikely that the current level of house price growth would
be sustained next year as house price to income ratios are already
historically high, and household budgets are likely to come under
greater pressure in the coming months.
Across regions, Wales remained the strongest performing region
with annual house price inflation of 14.8 percent and the average
house price breached the GBP 200,000 mark for the first time in
history.
The average price for a Welsh home was GBP 204,148 in
November.
Northern Ireland and Scotland also witnessed continued rise in
house prices with the former logging a double-digit increase.
Meanwhile, the capital London continued to lag the rest of UK
with an annual inflation of 1.1 percent in house prices. That said,
the average price of GBP 521,129 meant London homes remained much
more expensive than those in the rest of the country.
Euro vs CHF (FX:EURCHF)
Forex Chart
Von Feb 2024 bis Mär 2024
Euro vs CHF (FX:EURCHF)
Forex Chart
Von Mär 2023 bis Mär 2024