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UK house prices rose moderately in April despite an end to the stamp duty holiday and worsening economic outlook, data published by mortgage lender Halifax revealed on Thursday. House prices climbed 0.3 percent on a monthly basis in April after falling for two straight months.
Prices were expected to grow 0.2 percent, following a 0.5 percent drop in March and a 0.2 percent decrease in February.
On a yearly basis, growth in house prices accelerated to 3.2 percent from 2.9 percent in the previous month. A typical property is now valued at GBP 297,781.
Although the stamp duty changes prompted a surge in transactions earlier this year, this did not lead to a significant increase in property prices, Halifax Head of Mortgages Amanda Bryden said.
The housing market has cooled slightly but buyer activity remained strong in comparison to recent years, Bryden noted. With falling mortgage rates and positive earnings growth, housing affordability steadily improved for many buyers. "Overall, the market continues to show resilience despite a subdued economic environment and risks from geopolitical developments," said Bryden.
"There is likely to be a bump-up in consumer price inflation as household bills increase, but with further base rate cuts also expected, we anticipate a similar trend of modest price growth this year," Bryden added.
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