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Wednesday, Lloyds Banking Group Plc's Halifax division said U.K.'s house prices rose 1.1% month-on-month in July, reversing a 0.4% drop in June. This was the second increase in the last three months and climbed much more than the expected rise of 0.6%. House prices were down 12.1% on an annual basis.
Martin Ellis, housing economist said, "Higher demand has combined with the low levels of property available for sale to boost sales activity from exceptionally low levels and support prices over the past few months."
Further, the house price to earnings ratio, a key affordability measure declined to an estimated 4.36 in July from a peak of 5.84 in July 2007. The long-term average was 4.
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