Economic Buzz: UK Halifax House Price Inflation Rose By 9.8% On Year In December

7 Jan 2022 , 03:50 PM

UK house price index rose 9.8 percent year-on-year in December following an 8.2 percent increase in November, Halifax said. The latest house price inflation figure was the highest since July 2007. The house price inflation accelerated sharply at the end of 2021, but the pace is set to slow this year amid expectations of further interest rate hikes and increasing pressures on household budgets, results of a survey by the Lloyds Bank subsidiary Halifax and IHS Markit showed Friday. House price growth was driven by a lack of available homes for sale, and historically low mortgage rates, Halifax said. Compared to the previous month, house prices rose 1.1 percent, same as in November.

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