House Price Growth Back Above ten% - Halifax

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Source:   —  April 07, 2016, at 2:46 PM

A surge in year-on-year price growth may be short-lived, the lender suggests, as buyer attention focuses on a few uncertainties.

House Price Growth Back Above ten% - Halifax

House price growth returned to a annually rate above ten percent in March, driven by a rush for properties by buy-to-let investors looking to avert higher stamp duty.

The latest monthly index from the Halifax reported year-on-year growth of 10.first percent in the three months to the finish of March - the highest rate witnessed since 2014. 

The lender backed previous reports from estate agents and other surveys highlighting a emotional to add to their property portfolios ahead of a three%  for multiple home-owners, which came into force on 1 April.

Rival Nationwide was among those also .

But there have been predictions that price rises will ease in the months ahead, as a result of the additional tax and other factors.

Halifax housing economist, Martin Ellis, said: "Worsening sentiment regarding the prospects for the UK economy and uncertainty ahead of the European referendum in June could result in some softening in the housing market over the following couple of months.

"Current market conditions, however, stay very tight with an acute supply/demand imbalance continuing despite an improvement in the no of properties coming on to the market for sale in recent months.

"This, together with continuing low interest rates and a healthy labour market, indicate that house price growth is set to remain robust."

Howard Archer, chief UK and European economist at IHS Global Insight, said: "Taking an overview of the various studies, we expect house prices to rise by around six percent over two thousand sixteen amid reasonably healthy buyer interest, likely fuelled by markedly increased expectations that interest rates won't be rising in two thousand-sixteenth, and a relative shortage of properties".

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