British house prices rise again
British house prices rose for the second month in a row in November. The figures published by mortgage lender Halifax on Thursday signal that prices are bottoming out after falling. According to the figures, house prices rose by a seasonally adjusted 0.5 percent in November compared to the previous month, following an increase of 1.2 percent in October.
Prior to this, they had fallen continuously for six months. The average house price of 283,615 pounds (equivalent to 330,479 euros) was 1.0 percent lower than a year earlier, but 1.7 percent above its September low. "The resilience of house prices in 2023 will continue to be shaped by a shortage of available properties rather than a significant strengthening in buyer demand," explained Halifax director Kim Kinnaird. However, the latest figures on mortgage approvals point to a slight upturn. Property prices had fallen in the wake of a sharp rise in mortgage costs as the central bank sharply increased the prime rate in the fight against high inflation. It now stands at 5.25 percent and, according to many observers, is unlikely to be touched at the next interest rate decision on December 14. However, the Bank of England has prepared the financial markets and the economy for a prolonged phase of high interest rates, even though inflationary pressure has already eased noticeably.
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In contrast to the decline experienced over six consecutive months, British house prices showed signs of recovery in November. Specifically, the average house price in November was 0.5% higher than in October, as indicated by data from mortgage lender Halifax.
Source: www.ntv.de
