UK House Prices Climb By 14-Year High

Source: Halifax

Average UK house prices climbed by 14-year highs in September to hit the highest on record, driven by the limited supply of available properties. IUKP.L is up 1.37%

• UK house prices rose by 1.7% or £4,400 to bring the average UK property price at a record £267,587. This is the fastest monthly growth since February 2007.
• Year-on-year house price inflation stood at 7.4%, faster than 7.2% in August and 7.0% the same month last year.
• Quarterly inflation clocked in at 1.5%, faster than 1.3% in August but slower than the 2.9% the same period a year ago. Halifax Managing Director Russell Galley attributed the increase in the race for space, as people changed their preferences and lifestyle choices.
• Prices for flats up 6.1%, semi-detached properties up 8.9%, and detached up 8.8%, reflecting cash increases for detached properties of nearly £41,000 versus  £6,640 for flats.
• The biggest driver was the limited supply of available properties, as estate agents recorded a lower number of properties for sale.