House price inflation hits lowest growth level
According to the latest Halifax House Price Index UK house price inflation is currently at its lowest yearly growth rate since July 2013 (4.6%).
House prices in the three months to October were 5.2%, which compared to the 5.8% it was in September this year continues to show the downward trend which has occurred over the past six months. In fact, the annual house price growth has nearly halved from a peak of 10.0% back in March 2016.
Halifax expressed their belief that this slowdown appears to be largely down to mounting affordability pressures, which have increasingly constrained housing demand.
Martin Ellis, Halifax housing economist, said: “House prices in the three months to October were largely unchanged compared with the previous quarter. The annual rate of growth continued its recent downward trend, easing to 5.2%.
“House prices in the three months to October were largely unchanged compared with the previous quarter. The annual rate of growth continued its recent downward trend, easing to 5.2%.”
He went on to say:
“Activity levels, like house price growth, have softened compared with a year ago. Home sales, however, appear to have stabilised in recent months following the distortions earlier in the year due to the changes to stamp duty in April.”
Recently a Nationwide survey stated that house price inflation was easing to 4.6% a year.
Sell your house fast to National Homebuyers
Why sell your house fast for cash to National Homebuyers?
Sell your property within 14 days.
- We guarantee a cash offer from our own funds
- We buy any house, in any condition anywhere in the UK
- We work to a sale timeline that suits your needs
- We will pay up to £1,000 of your legal costs
- No costly Estate Agent fees
- None of the usual stress associated with selling your home