UK home costs rise greater than anticipated in March – Halifax

LONDON (Reuters) – British home costs rose by a stronger-than-expected 2.7 % within the first three months of 2018 after the weakest enhance in almost 5 years within the three months to February, figures from mortgage lender Halifax confirmed on Monday.

FILE IMAGE: A double rainbow is seen above a row of terrace homes in Clapham, south London, Britain September 1, 2015. REUTERS/Dylan Martinez/File Photo

In month-to-month phrases, costs rose by 1.5 % in March from February, the quickest achieve since August final yr.

Both will increase have been stronger than forecasts in a Reuters ballot of economists.

However, home costs are nonetheless rising way more slowly than earlier than the 2016 referendum choice to take Britain out of the European Union which hit confidence amongst many households and their spending energy because the pound’s fall pushed up inflation.

By Halifax’s measure, costs have been rising by about 10 % a yr shortly earlier than the Brexit vote.

A scarcity of houses on the market is predicted to proceed to shore up the market and Halifax stated it anticipated value progress to stay shut to three % within the coming months.

Rival mortgage lender Nationwide has stated its measure of home costs confirmed the smallest enhance in seven months in March once they rose by an annual 2.1 %.

Writing by William Schomberg; Editing by David Goodman and Mark Potter

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