New data revealed on Thursday that UK annual house price growth slowed down in October to 0.9% – the lowest growth seen in 2019.
Halifax’s House Price Index indicated that house prices in October were 0.9% higher than those recorded a year prior.
Meanwhile, the data shows that house prices in October were 0.1% lower than those recorded in September.
Halifax said that the average price amounted to £232,249.
🏠 HALIFAX HOUSE PRICE INDEX 🏠
October’s #HalifaxHPI shows house prices fell by 0.1% in the last month. The average UK house price is now £232,249.
— Halifax Bank News (@HalifaxBankNews) November 7, 2019
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“Average house prices continued to slow in October, with a modest rise of 0.9% over the past year,” Russell Galley, Managing Director at Halifax, commented on the data.
“While this is the lowest growth seen in 2019, it again extends the largely flat trend which has taken hold over recent months,” Russell Galley continued.
“A number of underlying factors such as mortgage affordability and wage growth continue to support prices, however there is evidence of consumers erring on the side of caution,” added Russell Galley.
Russell Galley said: “We remain unchanged from our view that activity levels and price growth will remain subdued while the UK navigates political and economic uncertainty.”
Indeed, the UK was supposed to depart from the European Union at the end of last month but was instead granted yet another extension to the deadline.
As parties prepare for the general election at the end of the year, uncertainty over the nation’s future prevails.
What will the Brexit outcome mean for the property market in the year ahead?
