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UK house price rise starts to slow, says Halifax UK house price rise starts to slow, says Halifax
(35 minutes later)
The property market has shown signs of cooling after the Halifax said annual price growth fell back from the seven-year high recorded in July. The UK property market has shown signs of cooling after the Halifax said annual price growth fell back from the seven-year high recorded in July.
The average price of £186,270 was 0.1% higher in August and 9.7% stronger over the year, representing a slowdown on the 10.2% jump a month ago.The average price of £186,270 was 0.1% higher in August and 9.7% stronger over the year, representing a slowdown on the 10.2% jump a month ago.
Halifax housing economist Martin Ellis believes the market is being helped by an improvement in housing supply, with more properties coming up for sale alongside higher numbers of new homes.Halifax housing economist Martin Ellis believes the market is being helped by an improvement in housing supply, with more properties coming up for sale alongside higher numbers of new homes.
He said: "These trends, if sustained, should help to improve the balance between supply and demand, contributing to an easing in the pace of house price growth."He said: "These trends, if sustained, should help to improve the balance between supply and demand, contributing to an easing in the pace of house price growth."
The prospect of an interest rate rise at some point in the coming months is also likely to have curbed demand.The prospect of an interest rate rise at some point in the coming months is also likely to have curbed demand.
Prices have been supported by the economic recovery, better job prospects, improving consumer confidence and low mortgage rates.Prices have been supported by the economic recovery, better job prospects, improving consumer confidence and low mortgage rates.
On a quarterly basis, house prices in the three months to August were 3% higher than in the three months to May, down from the near-eight-year record reported the previous month.On a quarterly basis, house prices in the three months to August were 3% higher than in the three months to May, down from the near-eight-year record reported the previous month.
Howard Archer, of IHS Global Insight, said the Halifax figures "tie in with our view that house prices will keep on clearly rising overall through the coming months, but at a more restrained rate".Howard Archer, of IHS Global Insight, said the Halifax figures "tie in with our view that house prices will keep on clearly rising overall through the coming months, but at a more restrained rate".
He added: "Buyer interest is likely to stay relatively healthy even if it has come off peak levels, as it should be supported by elevated consumer confidence, markedly rising employment, and still low mortgage interest rates (even if they start to rise by early 2015, they will still be very low compared to past norms). It is also currently being supported by the Help to Buy initiatives."He added: "Buyer interest is likely to stay relatively healthy even if it has come off peak levels, as it should be supported by elevated consumer confidence, markedly rising employment, and still low mortgage interest rates (even if they start to rise by early 2015, they will still be very low compared to past norms). It is also currently being supported by the Help to Buy initiatives."