The Halifax House Price Index in the UK rose 5.2 percent year-on-year in the three months to May 2019, following a 5 percent increase in the previous period and beating market consensus of 4.9 percent. It was the highest house price growth since the three months to January 2017. “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”, Russell Galley, Managing Director, Halifax, said. “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”, he added. Housing Index in the United Kingdom averaged 377.09 Index Points from 1983 until 2019, reaching an all time high of 769.80 Index Points in May of 2019 and a record low of 96.10 Index Points in January of 1983.
Housing Index in the United Kingdom is expected to be 769.00 Index Points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Housing Index in the United Kingdom to stand at 789.00 in 12 months time. In the long-term, the United Kingdom House Price Index is projected to trend around 805.00 Index Points in 2020, according to our econometric models.