House prices in the latest quarter were 1.8% higher than in the preceding three months, marking the third consecutive rise on this measure, revealed the latest House Price Index published by Halifax.
Furthermore, property prices in the three months to September were 2.5% higher when compared to the same period a year earlier.
However, despite house prices rising steadily, the annual growth rate slowed from the 3.7% recorded in August to 2.5% in September.
Also, when analysing the figures on a monthly basis, house prices fell by 1.4% last month, the second consecutive fall for this measure.
Commenting on the statistics, Halifax managing director Russell Galley said: “With the annual rate of house price growth easing to 2.5% in September from 3.7% in August and the quarterly rate of growth remaining at 1.8% for the second month, we are seeing a steadying in house price inflation across these more stable measures.
“The annual rate of growth is near the top of our forecast range of 0-3% for 2018, as a low supply of new homes and existing properties for sale, combined with historically low mortgage rates and a high employment rate, continue to support house prices.”
Bluestone Mortgages director of sales and marketing Steve Seal added that, although house prices remain “steady”, it “doesn’t necessarily mean all doors are open for aspiring homeowners”.
“If anything, there are still significant barriers when it comes to securing funding.
“Lifestyle and financial habits are changing – and it’s unfair that some potential buyers are turned away for not fitting an outdated computer scoring system. A missed phone or credit bill, or unforeseen costs for an accident shouldn’t mean you are barred from home ownership. These customers, instead, need a personalised underwriting experience that ensures the nature of their situation is fully understood. It’s vital that specialist lenders continue to find the best solutions for all of their clients, based on a rounded and fair view of their individual financial situation.”
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