House price growth hits a six-year low
New report from the Halifax suggests a continued shift towards ‘predominantly flat’ prices in recent months.
September saw the slowest house price growth in the UK for more than six years, according to a new report by the Halifax.
Property prices rose by only 1.1% when compared with September last year. Month-on-month, house prices fell by 0.4% in September having grown by 0.2% in August.
According to the bank’s latest House Price Index, the cost of the average home in September was £232,574.
Meanwhile, none of the UK's largest cities saw annual property growth move above 5% in August – for the first time since 2012.
Welcome news for first-time buyers
Signs of any stagnating prices may be welcomed by first-time buyers looking for more affordable homes.
Reasonable levels of wage growth and low interest rates have maintained some consumer demand, which means there’s been no significant house price falls when it comes to the UK average.
Russell Galley, managing director of the Halifax, said: ”While this is 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 mortgage approvals, continue to be broadly stable. Meanwhile, for buyers, important affordability measures – such as wage growth and interest rates – still look favourable.”
Galley added: "Looking ahead, we expect activity levels and price growth to remain subdued, while the current period of economic uncertainty persists."