MNI DATA ANALYSIS: UK House Price Growth Strongest Since Nov

--Halifax UK July House Prices +1.4% m/m; +1.3% 3m/3m; +3.3% 3my/y

     LONDON (MNI) - UK house price inflation picked up in July, with

year-on-year growth accelerating to 3.3%, up from 1.8% in June, according to

data from Halifax, the UK's leading mortgage provider.

     The more volatile monthly numbers also showed strong house price growth, up

1.4% in July, following a rise of 0.3% in June, suggesting a moderate recovery

from early Q2 is being extended into early Q3. 

     On a quarterly basis, house prices rose 1.3% in the May-July period

relative to February-April.

     "House prices picked up in July, with the annual rate of growth rising from

1.8% in June to 3.3% in July, the largest increase since last November," said

Russell Galley, Managing Director at Halifax Community Bank.

     Galley added that despite July's strength, housing activity remains weak

and the recent rise in the Bank Rate should not impact affordability. "While the

quarterly and annual rates of house price growth have improved, housing activity

remains soft... With regards to the recent rise in the Bank of England Base

Rate, we do not anticipate that this will have a significant effect on either

mortgage affordability or transaction volumes," he said. 

--MNI London Bureau; +44 203 865 3828; email: jai.lakhani@marketnews.com

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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