UK House Prices Rise Faster Than Expected in May

June 7, 2016 Share Print 0

British house prices rose faster than forecast last month, rebounding from a dip in April caused by a new tax on rental property, figures from mortgage lender Halifax showed on Tuesday.

Halifax said house prices rose by 0.6 percent in May, twice the rate forecast in a Reuters poll of economists and largely reversing April’s 0.8 percent dip.

“The strength of demand, combined with very low supply, is causing house prices to rise at a brisk pace,” Halifax housing economist Martin Ellis said.

Prices in the three months to May were 9.2 percent higher than a year earlier, the same rate of increase as in April, which was the slowest since November.

Reuters

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Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.