agency says uk interest rate cuts boost housing market growth
2024-09-06
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china news service, london, september 6 (reporter ouyang kaiyu) halifax, a well-known british mortgage institution, announced on september 6 that british house prices rose in august with the largest annual increase since the end of 2022, further indicating that after the recent decline in interest rates, the british real estate market has shown signs of a new round of growth momentum.
halifax said uk house prices rose 4.3% year-on-year in august, the biggest annual increase since november 2022, and other indicators of the housing market also showed signs of recovery.
halifax linked the increase in housing market activity to the bank of england’s decision last month to cut interest rates to 5% from a 16-year high of 5.25%, the first cut since march 2020.
amanda blyden, head of mortgage lending at halifax, said that with the pick-up in market activity and the possibility of further interest rate cuts in the future, house prices are expected to continue to grow moderately for the rest of the year.
