While there has been a year-on-year increase in house prices, the housing market is at its slowest level of growth since April 2013, the latest Halifax House Price Index reveals.
According to the House Price Index, the average house price in September was £232,574. This is just 1.1% higher than the same month the previous year and only a 0.4% increase from July to September compared to April to June. As well as this, the House Price Index shows that house prices fell by 0.4% in September compared to August.
Russell Galley, managing director at Halifax, said: “Annual house price growth slowed somewhat in September, rising by just 1.1% over the last year. While this is the lowest level of growth since April 2013, it remains in keeping with the predominantly flat trend we’ve seen in recent months.
“Underlying market indicators, including completed sales and mortgages approvals, continue to be broadly stable. Meanwhile for buyers, important affordability measures – such as wage growth and interest rates – still look favourable.
“Looking ahead, we expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists.”
