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.

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