Annual house price growth drops to lowest rate since March 2013

House prices in the three months to October were 1.5% higher when compared to the same three months in 2017, slowing from the 2.5% annual growth recorded in September, and recording the slowest rate of growth since March 2013, new data revealed.

According to the most recent Halifax House Price Index published today, property prices in the latest quarter (August to October) were 0.2% higher than in the preceding three months (May to July).

Furthermore, when analysing house price growth on a monthly basis, house prices marginally increased by 0.7% in October, following two consecutive monthly falls.

In October, the average house price in the UK was recorded at £227,869.

Commenting on the figures, Halifax managing director Russell Galley said: “The annual rate of house price growth has fallen from 2.5% in September to 1.5% in October, which is the lowest rate of annual growth since March 2013. However, this remains within our forecast annual growth range of 0-3% for 2018.

“House prices continue to be supported by the fact that the supply of new homes and existing properties available for sale remains low. Further house price support comes from an already high and improving employment rate and historically low mortgage rates which are creating higher rates of relative affordability.

“We see this continuing to be the case over the coming months and we remain supportive of our 0-3% forecast range.”

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