Real estate prices in UK rise at fastest rate in six years: Halifax
December 7, 2013, 12:08 am TWN
LONDON--British house prices rose at their fastest pace in more than six years in November but could slow as weak wage growth puts pressure on personal finances, mortgage lender Halifax said on Friday.
Average house prices in the three months to November were 7.7 percent higher than a year earlier.
That represented a speeding up from an annual rise of 6.9 percent in the three months to October and was the strongest increase since October 2007, Halifax said.
Britain's average house price remains 12 percent below a peak in August 2007, Halifax said
Demand for housing has been bolstered by Britain's Help to Buy and Funding for Lending programs.
Amid concerns about a housing bubble, the Bank of England and the government last week decided to refocus the FLS scheme exclusively on business lending.
In month-on-month terms, prices rose 1.1 percent from October, more than economists had expected but slower than a revised 1.3 percent increase in October, Halifax said.