2018.03.0704:09:00UTC+00UK House Price Inflation At 5-Year Low

UK house prices grew at the slowest pace in five years in February, data from the Lloyds bank subsidiary Halifax and IHS Markit showed Wednesday.

House prices increased 1.8 percent year-on-year in three months to February, slower than the 2.2 percent rise registered in January. This was the weakest rate since March 2013.

Quarter-on-quarter, house prices decreased 0.7 percent, reversing a 0.1 percent increase in three months to January.

On a monthly basis, house prices rose 0.4 percent, in contrast to January's 0.5 percent decrease. This was the first increase in three months. The average price in February was GBP 224,353.

"While we expect price growth to remain low, the low mortgage rate environment, combined with an ongoing shortage of properties for sale, should continue to support house prices over the coming months," Russell Galley, Managing Director, Halifax, said.