House Price Rebound Tipped to Stall on Hung Parliament

House Price Rebound Tipped to Stall on Hung Parliament

House Price Rebound Tipped to Stall on Hung Parliament

Prices have increased by £3,904 since the start of the year and Halifax said it would continue to make "modest gains" into the new year.

The UK property market showed signs of recovery in November, with house prices growing by the most in nine months, according to a new index.

House prices were 2.1% higher than they were in November 2018, according to the Halifax House Price Index.

Mark Harris, chief executive of mortgage broker SPF Private Clients, added: "It might be a little surprising to see the biggest monthly rise in house prices since February but the end of year can see a spike in sales as people aim to be in their new home for Christmas".

"It is these issues which we believe will continue to underpin the resilience evident in the market for most of 2019".

House prices in November were also 2.1% higher than in the same month a year earlier.

However, the outlook for house prices in the United Kingdom does appear to remain linked to the outcome of the December 12 election.

"While a degree of uncertainty remains evident, it's also clear that buyers and sellers are responding to factors such as improved mortgage affordability and the limited supply of available properties", Halifax managing director Russell Galley said.

'Mortgage rates are cheaper than ever, with lenders continuing to compete for business.

"November's pick-up in house prices comes despite housing market activity now faltering amid an unappetising cocktail of Brexit, economic and domestic political uncertainties", Howard Archer, chief economist at the EY Item Club, said.

"It is a good time to be a borrower - that is, if you can find a property that you wish to buy".

On a seasonally adjusted basis, there were 103,680 transactions in October, a 4.3% climb on September and the highest level since July 2017.

'Low mortgage interest rates and a shortage of properties for sale should provide some support to prices. "As a result, while an easing in economic and political uncertainty might allow a slight pick-up in house price growth, we expect the magnitude of any rise to be limited". We do not write articles to promote products.

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