This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/money/2019/apr/05/house-prices-hold-up-better-than-forecast-amid-brexit-chaos
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| House prices hold up better than forecast amid Brexit doubts | |
| (about 1 hour later) | |
| UK house prices held up better than expected in March as supply constraints outweighed uncertainty over the Brexit process, according to figures from Halifax. | |
| The high street lender said house prices rose by 3.2% in the three months to March compared with the same period last year. The increase, the fastest since August, was above the 2.3% annual rise predicted in a Reuters poll of economists. | |
| Prices fell by 1.6% in March compared with February, when the more volatile monthly measure surged by a record 6%. However, the monthly fall still represented a less severe correction than the 2.4% expected by economists. | |
| The British housing market has been marked by volatility in recent months, with supply constraints sustaining prices, even though many buyers have been put off by uncertainty over Brexit’s potential effects on property values. | The British housing market has been marked by volatility in recent months, with supply constraints sustaining prices, even though many buyers have been put off by uncertainty over Brexit’s potential effects on property values. |
| Russell Galley, a managing director at Halifax, said: “Industry-wide figures show that the number of mortgages being approved remains around 40% below pre-financial crisis levels, and we know that lower levels of activity can lead to bigger price movements.” | |
| The average home costs £233,181, Halifax said, although that masks significant regional differences, with demand for expensive properties in London having slumped. | |
| A separate measure last month from Nationwide, Britain’s biggest building society, showed London drove the first quarterly fall in house prices in seven years in England. However, outside the south-east of England, prices rose in every region. | |
| Samuel Tombs, the chief UK economist at Pantheon Macroeconomics, said that while Halifax’s data pointed to a stronger market than other measures, “a sustained period of falling house prices still isn’t on the cards” because of low unemployment and relatively cheap mortgage rates. | Samuel Tombs, the chief UK economist at Pantheon Macroeconomics, said that while Halifax’s data pointed to a stronger market than other measures, “a sustained period of falling house prices still isn’t on the cards” because of low unemployment and relatively cheap mortgage rates. |
| British economists expect house prices to grow by 1.8% this year, according to the latest consensus forecasts collected by the Treasury. The Office for Budget Responsibility, which provides independent forecasts for the government, predicts house price inflation of 0.8% in 2019. | British economists expect house prices to grow by 1.8% this year, according to the latest consensus forecasts collected by the Treasury. The Office for Budget Responsibility, which provides independent forecasts for the government, predicts house price inflation of 0.8% in 2019. |
| Housing market | Housing market |
| House prices | House prices |
| Property | Property |
| Real estate | Real estate |
| news | news |
| Share on Facebook | Share on Facebook |
| Share on Twitter | Share on Twitter |
| Share via Email | Share via Email |
| Share on LinkedIn | Share on LinkedIn |
| Share on Pinterest | Share on Pinterest |
| Share on WhatsApp | Share on WhatsApp |
| Share on Messenger | Share on Messenger |
| Reuse this content | Reuse this content |