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.”
How can we help
At Hawsons we have a team of specialist property and construction accountants in Sheffield, Doncaster, and Northampton. Having an accountant who understands the challenges of this dynamic sector and is able to help you plan for the future is an advantage in a competitive environment.
If you would like to book your first free initial meeting with us click here.
If you would like to see more information about our property and construction accountants click here.
Free initial meeting
Tax Partner, Sheffield
0114 266 7141