|M/M % change||0.1%||-1.4%||1.7%|
|Yr/Yr % change- 3 mo moving av||10.4%||9.7%||9.7%|
Halifax's February survey painted a much weaker picture of house price inflation than the Nationwide report released earlier this morning. Indeed, a surprise 1.4 percent monthly drop was the steepest since April 2012. However, following a surge in January, even this left the yearly HPI change over the last three months unmoved at a very solid 9.7 percent.
In fact, at 3.0 percent, the quarterly rise was well above the 1.6 percent and 2.2 percent gains recorded in December and January respectively. In other words, underlying house price growth remains very robust and with demand picking up and supply still tight, market fundamentals point to sustained strength over coming months.
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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