Halifax House Prices: Annual Price Growth Increases to 2.8%

House price growth in 3 months to February was up 2.8% than the same period last year – up from the 0.8% growth rate recorded in January.

Russell Galley, Managing Director, Halifax, said:

“House prices have grown on an annual, quarterly and monthly basis for the first time since October 2018, taking the average house price to £236,800.

“The shortage of houses for sale will certainly be playing a role in supporting prices. House price growth is now at 1.8%, an increase from the 0.6% fall last month, and back at the rate we saw from July to September 2018.

“Annual house price growth at 2.8%, is within our expectations, but is fairly subdued compared to 2015 and 2016, when the average growth rate was 8.3%.

“People are still facing challenges in raising a deposit which means we continue to expect subdued price growth for the time being. However, the number of sales in January was right on the five year average and, at over 100,000 for the fifth consecutive month, the overall resilience of the market is still evident.”

Kindly shared by Halifax