UK house price growth picked up in November for the first time in eight months, according to the latest report from mortgage lender Halifax, although it said price increases may slow in the coming months.
Halifax said house prices were up 6.0% year-on-year in the three months to November, higher than growth of 5.2% seen in the three months to October.
However, in monthly terms, house prices rose 0.2% last month compared with an increase of 1.5% in October.
Halifax housing economist Martin Ellis said: “Despite November’s pick-up, the annual rate has been on a steady downward trend in recent months since reaching a peak of 10% in March."
Rival mortgage lender Nationwide last week said house prices rose in November but at their slowest rate since the beginning of year.
Howard Archer, chief UK and European economist at IHS Markit Global Insight, said: “With housing market activity coming off its recent lows and the economy currently resilient, house prices look likely to rise modestly in the near term.
“However, we suspect that house prices will come under increasing pressure as 2017 progresses and may edge down over the year, possibly by around 2%.”