The Halifax House Price Index in the UK rose 5.7 percent year-on-year in the second quarter of 2019, following a 5.2 percent increase in the previous three-month period and below market expectations of 5.9 percent. Still, it was the biggest increase in house prices since early 2017. “Recent industry figures show demand looking slightly more stable, with mortgage approvals ticking along just above the long-term average. One of the major restraining factors on the volume of transactions in the market continues to be the very low level of stock for sale. With the ongoing lack of clarity around Brexit, people will be looking for more certainty in the coming months, both to encourage them to list their property and to create the confidence needed to encourage buyers. The likelihood of continued historically low mortgage rates will underpin prices in the near term.”, Russell Galley, Managing Director, Halifax, said. Housing Index in the United Kingdom averaged 377.99 Index Points from 1983 until 2019, reaching an all time high of 769.30 Index Points in May of 2019 and a record low of 96.10 Index Points in January of 1983.
Housing Index in the United Kingdom is expected to be 775.00 Index Points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Housing Index in the United Kingdom to stand at 791.00 in 12 months time. In the long-term, the United Kingdom House Price Index is projected to trend around 805.00 Index Points in 2020, according to our econometric models.