The Halifax have said that house prices rose by 1.1% in the year to the end of September, which is the slowest rate since April 2013. Even though house price growth has not been this low since April 2013, low interest rates are keeping mortgage approvals steady.
The average price of a home in September was £232,574, this was a 0.4% decrease compared to August. This is good news for first time buyers as a large number continue to feel the price of owning their own home is out of reach in some parts of the UK.
Russell Galley, Managing Director, Halifax, said: “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.”
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Stephen Charles
Tax Partner, Sheffield