U.K. House Prices Hit Record £270,000 After 8.1% Surge in a Year
- Supply squeeze, strong jobs market expected to underpin market
- Halifax says rising rates likely to temper pace of growth
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A shortage of homes for sale and a buoyant labor market are expected to underpin the U.K. housing market as consumers come under pressure from soaring inflation and higher interest rates, according to Halifax.
The average cost of a home rose 0.9% in October to a record 270,027 pounds ($365,000), the mortgage lender said Friday. That left values 8.1% higher than a year earlier, the fastest annual gain since June.