House price growth slows to 1.1% in September

Annual house price growth in the UK dipped to 1.1% last month, according to the latest Halifax House Price Index.

This was a monthly drop of 0.4%, meaning September 2019 recorded the lowest level of growth since April 2013. However, on a quarterly basis, property prices did rise by 0.4%, and the average house price in the UK now stands at £232,574.

The Halifax analysis also pointed to figures from HMRC, which found that seasonally adjusted residential transactions this August were 99,890 – approximately 1% higher than in August 2018.

But Bank of England data showed that the number of mortgages approved to finance house purchases was 65,545 in August, a 2.2% monthly fall from July.

Halifax managing director Russell Galley said of the latest index figures: “Annual house price growth slowed somewhat in September, rising by just 1.1% over the last year. Whilst this is the lowest level of growth since April 2013, it remains in keeping with the predominantly flat trend we’ve seen in recent months.

“Underlying market indicators, including completed sales and mortgages approvals, continue to be broadly stable. Looking ahead, we expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists.”

James Pendleton estate agents founding director, Lucy Pendleton, added: “Annual growth is now at a six and a half year low, and any fuel injection provided by buyer incentives and low mortgage borrowing rates has long gone. The fumes of uncertainty are all that enter now, and the housing market’s engine must take what sustenance it can until the UK’s political future is more assured.”

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