|M/M % change||0.2%||-0.2%||1.1%||1.0%|
|Yr/Yr % change- 3 mo moving av||9.0%||9.7%|
The new Halifax survey suggests that inflation in the housing market cooled a little last month. However, a 0.2 percent monthly fall in the lender's HPI followed an only marginally smaller revised 1.0 percent bounce in October to leave prices over the latest three months still some 9.0 percent higher on the year.
At 1.4 percent, the quarterly gain was the weakest since December 2014. Still, market fundamentals remain bullish and the lack of balance between demand and supply a major prop for prices. Hence, while new instructions by home sellers declined for a ninth successive month to a new record low in October, mortgage approvals are still on the rise.
Halifax House Price Index is the UK's longest running monthly house price measure with data covering the whole country going back to January 1983. The Index is based on the largest monthly sample of mortgage data, typically covering around 15,000 house purchases per month, and covers the whole calendar month.
Home values affect much in the economy - especially the housing and consumer sectors. Periods of rising home values encourage new construction while periods of soft home prices can damp housing starts. Changes in home values play key roles in consumer spending and in consumer financial health. During the first half of this decade sharply rising home prices boosted how much home equity households held. In turn, this increased consumers' ability to spend, based on wealth effects and from being able to draw upon expanding home equity lines of credit.
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