New Figures From The Halifax Defy Expectations For UK Property Prices
Published: 14th November 2016
New figures released this week from the Halifax Building Society have shown a surprise increase in the price of property in the UK. Defying market expectations, the figures from the Halifax, one of the UK's leading mortgage lenders, showed an increase of 1.4% in October. The rise was a considerable increase on the rise of 0.3% reported by the Halifax in September.
The figures represent positive news for the UK property market, which has seen considerable economic headwinds over the course of 2016, as increased stamp duties and other factors such as the Brexit vote have resulted in a lower perceived level of confidence in the real estate sector. Viewed in comparison with the same period last year, house prices for the period three months to October showed an annual increase of 5.2%.
Whilst the figures contrasted with recent figures from the Nationwide Building Society, the Halifax reported that lower mortgage rates and a reduction in the overall supply levels were provided unexpected support for the UK property market at present.