UK house prices increased by 1.8% in August, new data on Friday showed.
Halifax’s House Price Index revealed that for the month of August, house prices were 1.8% higher than in the same month a year prior.
On a monthly basis, Halifax said, house prices rose by 0.3%.
Additionally, the data revealed that, for the month of August, the average house price was £233,541.
“There was no real shift in house prices in August as the average property value grew by just 0.3% month on month. This further extends the predominantly flat trend we’ve seen over the last six months, with the average house price having barely changed since March,” Russell Galley, Managing Director at Halifax, commented on the data.
“While ongoing economic uncertainty continues to weigh on consumer sentiment – with evidence of both buyers and sellers exercising some caution – a number of important underlying factors such as affordability and employment remain strong,” Russell Galley continued.
“Although the housing market will undoubtedly be influenced by events in the wider economy, it continues to show a degree of resilience for the time being. We should also not lose sight of the fact that the single biggest driver of both prices and activity over the longer-term remains the dearth of available properties to meet demand from buyers.”
Indeed, as the Halloween extended Brexit deadline approaches, the only thing that is certain for the nation at this point is additional uncertainty.
News emerged only yesterday that Jo Johnson quit the Conservative party as he found himself “torn between family loyalty and the national interest”.
After Boris Johnson asked the Queen to suspend parliament over a week ago now and news emerged of a potential election, the question remains – what will the future hold for the United Kingdom?
The GBP/USD dropped to three-year lows at the start of the week, but witnessed a turnaround as fears of a no-deal Brexit diminished.
