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British house price begins to cool in September

Xinhua, October 7, 2015 Adjust font size:

The latest Halifax house price index released on Tuesday showed that British average house price stood at 202,859 pounds (about 308,995 U.S. dollars) in September after seasonally adjusted, falling by 0.9 percent from August.

House prices in the three months to September were 2.0 percent higher than in the previous quarter. This measure of the underlying rate of house price fell from last month's 3.0 percent, to its lowest since May, according to the Halifax, a lender under Lloyds Banking Group.

The annual rate eased from 9.0 percent to 8.6 percent, it added.

"The Halifax tends to be the most volatile of the major house price indices, and this month's dip needs to be seen as a partial unwinding of August's 2.7 percent month-on-month rise," said Ed Stansfield, Chief Property Economist of the Capital Economics.

"House price growth should remain solid in the final stages of the year, as the recovery in average incomes and consumer confidence boosts demand, increasing the competition among buyers for the limited supply of homes for sale, " he added. Endit