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London - UK house-price growth rose 1.4% in October from a month earlier as the country’s shortage of homes continued, according to Halifax.
On the year, values in the three months to October were 5.2% higher, the mortgage lender said in a statement in London on Monday. That’s far below a peak of 10% annual growth in March this year, but still “robust,” Halifax said.
The housing market has been relatively strong following the UK’s June referendum on European Union membership. According to the Bank of England (BoE), mortgage approvals rose in September after slipping for most of this year following an first interest-rate cut in August.
The stock of homes available for sale remains around the lowest levels ever recorded, Halifax said.
“Very low mortgage rates and a shortage of properties available for sale should help support price levels,” said Martin Ellis, an economist at Halifax. The lender said last month that housing has been on a “steady downward trend” and there’s clear evidence of a softening in activity.
The monthly increase brought average values to £217 411.
The BOE said last week that the housing market has been “more resilient than expected” since the Brexit vote, buoyed by positive consumer sentiment alongside record-low interest rates.
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