Halifax: house prices increase at fastest rate since November as homeowners hold off selling
A rise in wages and continuing low supply has put UK house prices on the up again, according to the latest figures.
This year has seen prices taper off, with many areas of London recording falls in sales prices.
But today Halifax said house prices increased at the fastest annual rate since last November in the three months to August hitting £230,000.
They were 3.7 per cent higher than a year ago.
The UK cities with the biggest house price growth
Halifax attributed the rise to "a low unemployment rate and a gradual pickup in wage growth" supporting household finances.
The lender also pointed to a "constrained supply of new homes onto the market" helping to bolster house prices.
However, not all industry figures agree.
Halifax’s rival Nationwide said prices are up just two per cent in the year to August.
Howard Archer at EY Item Club said house prices are unlikely to surge.
“Consumer confidence is fragile and appreciable caution persists over engaging in major transactions.
"Potential housebuyers may also be concerned that they are likely to face further interest rate hikes over the medium term,” he said.