Halifax reports annual UK property prices up 2%

The average value of a British home picked up 1.1% during April alone, to stand at £166,094, according to the country’s biggest mortgage lender. This followed a rise of 0.5% in February and 0.4% in March. However, activity in the housing market remained muted, with mortgage approvals (a good indicator of completed house sales) down 1% in the first quarter of the year. Halifax observed that low interest rates, feeding through to affordable mortgage repayments, are helping to support house prices, with the typical mortgage now representing 28% of disposable income, compared to 48% in Q3...