LONDON (Reuters) - British house prices are set to grow by up to 3% next year as property remains in short supply across much of the country and new home building has been weak, mortgage lender
UK House Prices Forecasted to Increase by 3% in 2025, Says Halifax
LONDON (Reuters) - British house prices are set to grow by up to 3% next year as property remains in short supply across much of the country and new home building has been weak, mortgage lender Halifax predicted on Wednesday.
"The uneven availability of properties for sale across the country, relative to demand ... continues to underpin prices," Amanda Bryden, head of Halifax mortgages, said.
"Higher mortgage rates compared to a few years ago may have made some homeowners hesitant to sell, to avoid triggering an immediate increase in their monthly mortgage cost when they move," she added.
British Prime Minister Keir Starmer last week announced details of an overhaul of the planning system to speed up the construction of new homes and boost economic growth.
Rival mortgage lender Nationwide on Monday said it expected house prices to rise between 2% to 4% in 2025.
(Reporting by Suban Abdulla; editing by David Milliken and William Schomberg)
