The average price of a home in the UK is now 219,755, it said. "The annual rate of house price growth has more than halved over the past 12 months," said Martin Ellis, Halifax’s housing economist.
"The annual rate of house price growth has, however, nearly halved over the past 11 months. A sustained period of house price growth in excess of pay rises has made it increasingly difficult for many to purchase a home. This development, together with signs of reduced momentum in the jobs market and squeezed consumer spending power, is.
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House price growth weakest in four years in May says halifax prices rose at an annual rate of 3.3 per cent in the month, the weakest expansion since May 2013 Ben Chu Economics Editor @Benchu_
News House price growth slows to weakest rate since July 2013, says halifax annual house price growth slowed to the weakest rate seen in nearly four years in February, according to an index.
House price growth halved over past year, says Halifax. Halifax said that house prices rose by 2.7 per cent over the year to the end of December in a significant slowdown compared with 2016 when prices finished the year with 6.5 per cent growth. The mortgage lender added that December had the first monthly drop in prices since June,
"The annual rate of house price growth has more than halved over the past 12 months," said Martin Ellis, Halifax’s housing economist. "A lengthy period of rapid house price growth has made it increasingly difficult for many to purchase a home, as income growth has failed to keep up, which appears to have curbed housing demand."
House price growth in the UK has more than halved over the past year and the market is stagnant amid economic uncertainty and the unaffordability of many properties, according to Britain’s biggest mortgage lender. Halifax said that prices rose by 2.7 per cent in the year to the end of December, compared with 6.5 per cent in 2016.
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Last week, rival lender Nationwide said prices had risen by just 2.5% over the past year, which is lower than the rate of general inflation. According to the Consumer Prices Index (CPI), the cost of living rose by 3% in the year to October. ‘Imbalance’ The average house or flat in the UK is now selling for 226,821, the Halifax said.