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Slow Down in Annual House Price Rises

The latest House Price Index from Halifax has revealed that house prices in the last three months to January were 2.2% higher than in the same three months a year earlier, although the annual change in January was lower than in December (2.7%). 

Other key statistics contained in the report include:

  • House prices remained unchanged in the recent quarter (November-January) from the previous quarter (August-October); on this measure prices are down from the 1.3% quarterly rise recorded in December
  • On a monthly basis, prices fell for the second consecutive month in January (by 0.6% following a 0.8% decrease in December)
  • The average price of £223,285 at the beginning of the year is 1.9% higher than in January 2017 (£219,217), however, the current price has edged down after recording £226,408 – highest on record – in November

 

“Annual house price rises have slowed from 2.7% in December to 2.2% in January - the lowest rate since July last year,” commented Russell Galley, Managing Director, Halifax Community Bank. “We've seen a monthly decline as well as the quarterly rate of growth flattening out.”

“Although employment levels grew by 102,000 in the three months to November, household finances are still under pressure as consumer prices continue to grow faster than wages,” he said. 

“Despite the recent rise in the Bank of England Base Rate, mortgage rates are still very low,” he added. “This, combined with an ongoing acute shortage of properties for sale, will continue to underpin house prices over the coming months.”

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