Annual house price growth slows to 0.9% – Halifax

UK house prices in October were 0.9% higher than in the same month a year earlier, according to new data from the Halifax House Price Index (HPI).

While these figures represented a 0.2% rise for the period between August and October from the previous quarter, Halifax revealed October’s rate of growth had fallen by 0.1% from the previous month.

Halifax also revealed the average house price for October stood at £232,249.

Halifax managing director, Russell Galley, commented: “Average house prices continued to slow in October, with a modest rise of 0.9% over the past year. While this is the lowest growth seen in 2019, it again extends the largely flat trend which has taken hold over recent months.

“A number of underlying factors such as mortgage affordability and wage growth continue to support prices, however there is evidence of consumers erring on the side of caution.

“We remain unchanged from our view that activity levels and price growth will remain subdued while the UK navigates economic uncertainty.”

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