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UK house prices rise at slowest pace in six years as Brexit nears


Reuters


LONDON, Dec 7 (Reuters) - British house prices rose at their slowest pace in six years in the three months to November, mortgage lender Halifax said on Friday, the latest sign of weakness in the housing market as Brexitapproaches.

Annual house price growth slowed sharply to 0.3 percent from 1.5 percent in the three months to October, Halifax said.

Halifax's house price index was rising by nearly 10 percent a year at the time of the 2016 Brexit vote.

Halifax Managing Director Russell Galley said the slowdown in annual price growth remained within the lender's forecast range for 2018 of zero to an increase of 3 percent.

Property analysts say the main factor preventing prices from actually falling is a shortage of homes on the market although prices in London have fallen, according to some measures.

Howard Archer, an economist with EY Item Club, said prices would probably slip modesty on a nationwide basis if Britain leaves the European Union in March without a Brexit deal.

Earlier on Friday, home-builder Berkeley Group announced a 26 percent fall in profit and it warned about uncertainty in the short term as people put off house purchases ahead of Britain's exit from the EU.




This article appears in: Stocks , World Markets , Politics



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