British house prices have risen nearly 10 percent this year, according to mortgage lender Halifax, but are likely to rise more slowly in 2016.

Halifax estimated prices to increase by around 3.5 percent in 2015, with the actual figure being more than double that. However, prices are estimated to rise at a slower rate of between 4 and 6 percent next year.

Halifax housing economist Martin Ellis said of the figures:

“House prices look expensive compared to incomes but valuations are supported by the low levels of property for sale, low levels of housebuilding, and exceptionally low interest rates,” adding that the Bank of England’s failure to increase interest rates was a key reason why house prices had risen faster than forecast.

Halifax is one of Britain’s biggest mortgage providers, and is part of Lloyds banking group.

04/12/2015