UK house price growth picks up pace, says Halifax

UK house prices rose at their fastest pace for eight months in November, fresh property price data has revealed.

The Halifax, part of Lloyds Banking Group, said residential property prices had increased by 6% compared with a year ago, taking the cost of a typical home to £218,002.

Despite the pick-up, Halifax said that house price growth may slow in the coming months amid property tax changes as well as greater political and economic uncertainty.

“We’re seeing positive signs that house prices are stabilising despite a softening in annual growth due to concerns over affordability and demand from investors,” said Rob Weaver, director of investments at property crowdfunding platform Property Partner.

“The dominant narrative for the housing market is still Brexit-related uncertainty but the past three months have shown steady upward movements,” he added.

With every passing month, the property market’s post-Brexit tumble is getting “steadily smaller in the rear view mirror”, according to Jonathan Hopper, managing director of Garrington Property Finders.

He commented: “Prices are picking up speed slowly and steadily. This time there’s no reckless acceleration, but rather a smooth and cautious progression though the gears.”

Hopper believes that the Halifax’s market confidence tracker illustrates perfectly the “business as usual stoicism”.