Lloyds Banking Group

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As of 15:05 17 Jun 2019
Market cap. Pound sterling
40,975.92 million
As of 15:05 17 Jun 2019

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Different house price measures


Back to Halifax house price data.

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, says: "It’s still impossible to reconcile Halifax’s data with any of the other measures of house price growth".

He says he doesn't have a strong view as to why the difference - shown in the chart - is taking place.

"We still expect year-over-year growth in house prices to strengthen to about 1.5% by the end of this year, given that households’ real incomes still are rising at a solid rate, while the recent decline in interest rate expectations should reduce mortgage rates soon," he said.

House price rise the fastest in two years

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More from Russell Galley, managing director of Halifax, on house prices.

He says industry-wide figures suggest there has been no real change in the number of homes being sold month to month, while Bank of England data show the number of mortgages being approved rose by almost 6% in April, reversing the softness seen in the previous month.

That's after the Halifax's house price index showed a 5.2% increase in average house prices over the last year - the fastest growth seen since 2017.

But, as mentioned earlier, Halifax cautioned the growth figure was flattered by weak performance last year.

Rival Nationwide put the annual price increase at 0.6% in its data last week.

“Looking ahead, we expect the current trend of stability based on high employment and low interest rates to persist over the coming months, though clearly any downturn in the wider economy would be keenly felt in the housing market," said Mr Galley.

House prices rise - Halifax

House sale signs

House prices rose 5.2% in May on an annual measure, according to Halifax, the UK's biggest mortgage lender.

On a monthly basis, house prices rose by 0.5% putting the cost of the average home at £237,837.

Halifax, part of Lloyds Banking Group, said May’s annual change figure of 5.2% comes against the backdrop of a particularly low growth rate in the corresponding period in 2018, which has had an impact on year-on-year comparisons

Russell Galley, managing director at Halifax, said: “We saw a slight increase in house prices between April and May, but the overall message is one of stability. Despite the ongoing political and economic uncertainty, underlying conditions in the broader economy continue to underpin the housing market, particularly the twin factors of high employment and low interest rates".

Bank branches here to stay: Lloyds

Lloyds Bank branch
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The boss of Lloyds Bank in Scotland has predicted traditional branches will still be around in 30 or 40 years.

Philip Grant said he understood concerns about branch closures.

But he said Lloyds was committed to maintaining face-to-face services for vulnerable and other customers.

Most high street banks, including Lloyds, have been shutting branches in recent years as more customers conduct their banking through apps or on the internet.

House prices rise in April says Halifax

house prices
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Halifax - the UK's biggest mortgage lender - says house prices rose by 1.1% in April after falling 1.3% in March.

The average house price is now £236,619 which Halifax compares with April 2009 when average house prices were £154,663. That was the low point following the 2008 financial crash.

"Over the past decade annual house price growth has seen the average price increase by £81,956, or an average rise of 4.3% each year," said Russell Galley, managing director of Halifax.

House prices in the three months to April were 5.0% higher than in the same three months a year earlier.