UK House Prices Rise The Highest Annual Rate Since 2010

  • According to Halifax, UK house prices rose at the highest annual rate since 2010 between May and July.

    There has been a 4.6 percent rise, compared with the same period last year.

    According to the bank's house price index, released today:

    "The average house price increased for the sixth successive month to £169,624 in July, up 0.9 per cent on June's figure."

    House prices in the most recent quarter were 2.1 per cent higher than the past three months and 4.6 per cent higher than the same three months a year earlier - the highest annual rate since August 2010.

    Martin Ellis, housing economist at Halifax said:

     "Signs of improvement in the economy and increased employment appear to have boosted consumer confidence, which is likely to have underpinned the increase in housing demand.

    He also added that house prices are expected to continue to rise gradually through this year with only modest economic growth and still falling real earnings constraining housing demand and activity."

    Halifax harnessed the fact that:

    "Increased home sales over the past year hasn't been matched by higher supply, with resulting tighter market conditions probably contributing to the modest upward pressure on house prices."

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