House prices to rise by only 4% in 2016

Halifax, the UK mortgage lender, has announced today that UK house prices will rise by between 4% and 6% in 2016. This shows a slowing down of house prices compared to 2015 when the growth rate was around 10% which was a lot higher then expected.

Halifax housing economist Martin Ellis said

“House prices look expensive compared to incomes but valuations are supported by the low levels of property for sale, low levels of housebuilding, and exceptionally low interest rates.”

Mr Ellis believes that the main reason house prices raised faster then expected in 2015 was because the Bank of England failed to increase interest rates.

The Office for National Statistics reported a 6.1% rise for the year to September which shows a slightly slower rise in prices in 2015 then those provided by Halifax.
This information was reported today by Reuters who recently polled a group of Economists and made a prediction that the average house prices would rise by 4.3% in 2016 and a further 3.9% in 2017.

Bank of England chief economist Andy Haldane last month called the British housing market “broken”, blaming a long-term failure of construction to keep up with demand.

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