House prices rose in the last three months (July-September) by 1.4%, which is higher than in the previous three months (April-June) and this is the fastest price growth, on this measure, since February.
The data from Halifax’s House Price Index seem to contradict other reports of a weakening house market and show that the annual rate in September was higher than in August(2.6%) and at its highest growth rate since February.
According to the same data, house prices rose by 0.8% between August and September, following a 1.5% increase in August.
Russell Galley, Managing Director, Halifax Community Bank, said:
“The annual rate of growth has picked up for the second consecutive month, rising from 2.6% in August to 4.0% in September. The average house price is now£225,109 – the highest on record. House prices in the three months to September were 1.4% higher than in the previous quarter, the fastest quarterly increase since February.
“While the quarterly and annual rates of house price growth have improved, they are lower than at the start of the year. UK house prices continue to be supported by an ongoing shortage of properties for sale and solid growth in full-time employment. However, increasing pressure on spending power and continuing affordability concerns may well dampen buyer demand. There has been recent speculation on the possibility of a rise in the Bank of England base rate. We do not anticipate this will have a significant effect on transaction volumes.
UK HOUSE PRICES – HISTORICAL DATA
All Houses, All Buyers (Seasonally Adjusted)