06.03.202008:01:00UTC+00UK House Price Inflation Slows In February

UK house prices increased at a slower pace in February, data from the Lloyds Bank subsidiary Halifax and IHS Markit showed on Friday.

House prices increased 0.3 percent month-on-month in February, slightly slower than the 0.4 percent rise seen in January but faster than the expected increase of 0.2 percent.

In three months to February, house prices were 2.8 percent higher than in the same period last year after rising 4.1 percent in January.

On a quarterly basis, house prices grew 2.9 percent in December to February period.

"Much like we saw in January, the increases seen in February reflect the continued improvement of key market indicators," Russell Galley, managing director at Halifax, said.

"The sustained level of buyer and seller activity is strong compared to recent years, with positive employment conditions and a competitive mortgage market continuing to support demand," Galley said.

However, Galley said looking forward there are a number of risks, including the potential impact of coronavirus, which continue to exert pressure on the economy.