UK house prices rising amid shortage of properties

04 Oct UK house prices rising amid shortage of properties

UK house prices rising amid shortage of properties, says Halifax.

Mortgage lender says employment growth may also have boosted prices, although consumers are facing squeeze as UK house prices rise.

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According to Britain’s largest mortgage lender, the UK house price growth unexpectedly picked up last month, underpinned by strong employment growth and a shortage of properties on the market.

The average price of a house rose by 1.1% to £222,293 in August, said Halifax, which is owned by Lloyds Banking Group. Prices in the three months to August were 2.6% higher than a year earlier, up from an annual rate of 2.1% in the 3 months to July which was a four-year low. Annual price growth has slowed from a peak of 10% in March 2016.

Russell Galley, the Halifax managing director, said: “Recent figures for mortgage approvals suggest some buoyancy may be returning, possibly on the back of strong recent employment growth, with the unemployment rate falling to a 42-year low.”

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