LONDON: UK house prices increased by 8.6 per cent year on year in May, Halifax bank reports.
THE average UK house price stood at STG196,067 ($A386,453) in May after edging down by 0.1 per cent compared with the previous month. In April, prices had jumped by 1.6 per cent month on month.
The annual 8.6 per cent increase in house prices marks the strongest year-on-year growth seen in seven months.
Martin Ellis, a housing economist at Halifax, said during 2015 so far, year-on-year house price growth has remained within a range of eight to nine per cent.
“Housing supply remains extremely tight, with the stock of properties available for sale currently at its lowest level for many years,” he said.
“At the same time, ongoing economic recovery, increasing employment, real earnings growth and very low mortgage rates are all supporting housing demand.”
THE average UK house price stood at STG196,067 ($A386,453) in May after edging down by 0.1 per cent compared with the previous month. In April, prices had jumped by 1.6 per cent month on month.
The annual 8.6 per cent increase in house prices marks the strongest year-on-year growth seen in seven months.
Martin Ellis, a housing economist at Halifax, said during 2015 so far, year-on-year house price growth has remained within a range of eight to nine per cent.
“Housing supply remains extremely tight, with the stock of properties available for sale currently at its lowest level for many years,” he said.
“At the same time, ongoing economic recovery, increasing employment, real earnings growth and very low mortgage rates are all supporting housing demand.”
