11th November, 2016
Annual house price growth eases again to 5.2%: Halifax
House prices in the three months to October were 5.2% higher than in the same three months of 2015, according to the latest Halifax House Price Index.
Hailing froThis compared to 5.8% in September and continues the downward trend seen over the past six months after the annual rate reached 10.0% in March. October’s 5.2% is the lowest yearly growth rate since July 2013 (4.6%).
Martin Ellis, Halifax housing economist, said: "House prices in the three months to October were largely unchanged compared with the previous quarter. The annual rate of growth continued on its recent downward trend, easing to 5.2%.
"Activity levels, like house price growth, have softened compared with a year ago. Home sales, however, appear to have stabilised in recent months following the distortions earlier in the year due to the changes to stamp duty in April.
"Annual house price growth has nearly halved from a peak of 10.0% in March this year, but remains robust at 5.2%. This expected slowdown appears to have been largely due to mounting affordability pressures, which have increasingly constrained housing demand.
"Whilst house price growth may ease further in the coming months, very low mortgage rates and a shortage of properties available for sale should help support price levels".