UK house prices rise less than expected year-on-year - Halifax data

(Alliance News) - Halifax on Friday reported that house prices in the UK "remained broadly stable" in April.

According to the Halifax house price index, prices declined by 0.1% on a monthly basis to GBP299,313 in April, compared with March's 0.5% decline to GBP299,609.

April's decrease was in line with FXStreet-cited consensus, which was revised ahead of Halifax's release from previous expectations of a 0.2% increase.

On an annual basis, house price growth decelerated to 0.4% for April, compared with a 0.8% increase for March and below the market consensus for a 0.6% rise.

"After a strong start to the year, recent global developments have added a greater degree of uncertainty to the outlook," commented Halifax Head of Mortgages Amanda Bryden. "In particular, higher energy prices have fed into inflation expectations, prompting markets to reassess the path for interest rates – a shift that has already pushed up borrowing costs for many buyers.

But she added: "Even so, the housing market continues to display the resilience that has been its hallmark in recent years. While activity is likely to cool in the near term, the underlying picture remains one of relative stability, supported by wage growth that continues to outpace house price inflation."

By Emma Curzon, Alliance News reporter

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