Saturday, 21 July, 2018


House prices slow for first time since July, says Halifax

Conrad Doyle | 07 December, 2017, 16:26

Annual house price growth eased in November, the first decline since July, according to figures published by Halifax.

House prices rose 0.5 percent month-on-month after a 0.3 percent rise in October, Halifax said, topping the consensus in a Reuters poll of economists for a 0.2 percent rise.

According to the latest data from the Bank, there was a drop in the number of mortgage approvals for house purchase in October, but remortgage approvals jumped to a nine-year high.

In October, house prices were up 0.3% on the month and by 4.5% on the year. That's a typical seasonal trend, as thoughts of moving house slides to the back of many people's minds.

House prices in the three months to November rose 2.4% compared to the preceding three month period, which is the This is the fastest price growth on this measure since January.

Meanwhile, although the rate of annual residential real estate price inflation eased in November, the three-month measure of property prices edged higher. That's the fourth straight quarterly increase and follows a gain of 2.3% in the three months to October.

As the issue of supply is unlikely to be addressed in any meaningful way the lack of stock to meet housing demand should keep prices buoyant, aided by the recent changes to first-time buyer stamp duty, although this will bring a marginal influence much further down the line than widely expected. However, the lack of property - both in the United Kingdom and available for sale - will continue to prop up prices, regardless of other details. "We do expect the Government's first-time buyer Stamp Duty changes to provide some stimulus to demand, particularly in London and the South East where the impact is greatest".

Lenders began raising their interest rates from the end of September, in anticipation of a rise in the Bank of England's base rate, which came on 2 November.

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