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MNI: UK Annual House Price Infla Accelerates In Sept - Halifax

MNI (London)
-- Halifax UK September House Prices +0.8% m/m; +1.4% 3m/3m; +4.0% 3my/y
By Kieran Williams
     LONDON (MNI) - UK house price inflation slowed on a monthly basis in
September at 0.8% from a revised 1.5% in August, but the annual pace picked up
to 4.0% from 2.6% in August due to a favourable base effect. 
     On a quarterly basis, house prices rose 1.4% in the July-September period,
the fastest pace of increase in this measure since February according to data
from Halifax, the UK's leading mortgage provider.
"The annual rate of growth has picked up for the second consecutive month," said
Russell Galley, Managing Director, Halifax Community Bank, adding that "the
average house price is now stg225,109 - the highest on record."
     The Halifax said continued tight supply has continued with sales
instructions hovering near an all time low, while sold employment growth has
also contributed to house price growth. Despite this prices remain lower than at
the start of the year and looking ahead Galley says "increasing pressure on
spending power and continuing affordability concerns may well dampen buyer
Bank of England mortgage approvals fell in the recent data after previously
rising to the highest levels since January, though remain in a narrow monthly
range between 65,100 and 68,700 which has held for the past 11 months.
Ahead of the Bank of England meeting in November, with increasing speculation of
a rate hike, Galley says "We do not anticipate this will have a significant
effect on transaction volumes."
--MNI London Bureau; tel: +44 203-586-2225; email:
--MNI London Bureau; +44 203 865 3809; email:
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MNI London Bureau | +44 203-865-3812 |

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