House price growth remains stable in Q3


Halifax has reported that house price growth between July and September was 1.8% higher than in the preceding three months, marking the third consecutive quarterly rise.

Halifax revealed that on a monthly basis, average house prices fell by 1.4% in September, the second consecutive fall for this measure.

Mortgage approvals showed a small rise in August. Bank of England industry-wide figures show that the number of mortgages approved to finance house purchases – a leading indicator of completed house sales rose to 66,440 in August from 65,156 in July. The figure is very close to the 5 year average approval rate of 66,550, but is 2,000 above the monthly average for the previous 12 month period of 64,638.

The number of completed UK home sales remains near the monthly average for the past 12 months. On a monthly basis, sales rose between July and August to 99,120. In the three months to August sales increased by 1.2% from the previous three months. The volume of residential transactions has been broadly flat over the past year and is likely to remain so in the coming months.

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