LONDON: A report by housing finance and debt refinance company , Halifax of U.K. indicates that after of a great slump in the British property market Prices of independent homes surged unexpectedly in October after almost six months. House prices are reportedly shot up by 1.4% in October compared with an upwardly trend of 0 .3% increase in September.
In the 3 months to October, house prices were 5.2 percent higher compared with the same period last year – again stronger compared to the Reuters poll consensus that pointed to a 4.8 percent rise.”With .. the economy currently resilient, house prices could very well rise modestly in the near term,” said Howard Archer, chief European and UK economist at IHS Markit.
The real estate analyst company confirms that the real estate market activity will probably be increasingly pressurized in 2017 by heightened uncertainty constraining consumer confidence and willingness to take part in major transactions, in addition to hampering economic activity.”
Halifax said house price growth may ease in the coming months, but low mortgage rates and a shortage of properties for sale should provide support.The latest figures contrasted having a survey from rival mortgage lender Nationwide last week, which showed house prices were unchanged in October after rising in each one of the previous 15 months.