UK house price growth continues to beat expectations - Halifax

According to the report from Halifax Bank of Scotland, on a monthly basis, house prices in September were 1.6% higher than in August

In the latest quarter (July to September) house prices were 3.3% higher than in the preceding three months (April to June).

House prices in September were 7.3% higher than in the same month a year earlier – the strongest growth since June 2016.

Russell Galley, Managing Director, Halifax, said: “The average UK house price is now approaching £250,000 after September saw a third consecutive month of substantial gains. The annual rate of change will naturally draw attention, with the increase of 7.3% the strongest since mid-2016. Context is important with the annual comparison, however, as September 2019 saw political uncertainty weigh on the market. Few would dispute that the performance of the housing market has been extremely strong since lockdown restrictions began to ease in May. It is highly unlikely that the housing market will continue to remain immune to the economic impact of the pandemic. The release of pent up demand and indeed the stamp duty holiday can only be temporary fillips and their impact will inevitably start to wane. And as employment support measures are gradually scaled back beyond the end of October, the spectre of increased unemployment over the winter will come into sharper relief.”