Annual house price growth in UK rises to 6%
This is an improvement on the two previous months when the quarterly rate was broadly unchanged, according to Halifax.
Nonetheless, the quarterly rate of change remains well below the 3.0% increase recorded in February.
Prices in the three months to November were 6.0% higher than in the same three months a year earlier. This was the first increase for eight months and compared to 5.2% in October.
Overall, the annual rate has been on a steady downward trend in recent months since reaching a peak of 10.0% in March. November’s 6.0% is the highest since August 2016 (6.9%).
House prices increased by 0.2% between October and November. This was the third successive monthly rise
Confidence in the UK housing market has fallen to its lowest point in three years but majority still expect prices to rise, according to the latest Halifax Housing Market Confidence Tracker.
The survey, which tracks consumer sentiment on whether house prices will be higher or lower in a year’s time, shows a decline of 14 points from March 2016 (+56) to a net +42 in the latest survey.
Nonetheless, a clear majority (57%) expect the average UK price to be higher in a year’s time; more than three times the proportion that expects a lower average price (15%). ■