UK residential property prices in November rose by a two-year high of 4.8% in annualized terms, according to a report by Halifax. The growth is recorded for the twelfth consecutive month. In October, according to revised data, the rise was 4%, not 3.9%, as previously announced.
In November, housing prices increased by 1.3% compared to the previous month.
As a result, the average cost of a property in the country reached 298,083 thousand pounds ($380.3 thousand) and updated the record for the second month in a row.
Analysts expected last month’s growth of 3.6% year-on-year and 0.2% month-on-month, the Financial Times reports.
“The latest data show further improvement in mortgage demand as mortgage rates fall, boosting buyer confidence,” said Amanda Bryden, head of mortgage at Halifax. ”However, despite these positive trends, many potential buyers and those moving are still experiencing significant difficulties in terms of housing affordability, and buyer confidence may be shaken by the changing economic situation.
Borrowing costs remain higher than the average level of a few years ago, and therefore housing prices will grow at a moderate pace, she added. In her view, they should be supported by positive labor market data and the expected decline in interest rates.
Source: http://relocation.com.ua/tsiny-na-zhytlo-u-velykij-brytanii-prodovzhuiut-zrostaty/
