United Kingdom house prices rising faster than wage increases, Halifax says

08 Agosto, 2018, 09:48 | Author: Arnold Perez
  • A woman walks past adverts in an estate agent window

House prices surged 1.4 percent during the month of July after a 0.9 percent rise in June, Halifax said, topping all forecasts in a Reuters poll that pointed to a 0.2 percent increase.

The average price for a standard dwelling in July was £230,280 - the highest for the year so far.

Growth hit 1.4 per cent on a monthly basis and 1.3 per cent over the quarter.

The increase pushed house price inflation back above wage growth, which is now at 2.5 per cent a year.

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Halifax said that house prices are being supported by the underlying strength in the jobs market, with employment rising by 137,000 in the three months before May. The Bank of England's recent base rate increase was already largely priced into mortgage interest rates, and is unlikely to dampen the market significantly'.

Although a rebound in prices will dismay those struggling to save money to buy their first home, some estate agents greeted the figures enthusiastically.

Halifax managing director Russell Galley said: "The recent improvement in mortgage approvals, the latest survey data for new buyer enquiries and agreed sales suggest approvals will remain broadly flat until the end of the year".

'It is nearly as if the north/south divide is working in reverse with more activity outside rather than inside the capital, ' he added. "Activity is still relatively lacklustre despite coming modestly off 2018 lows, with consumer conditions challenging".

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