New data on Thursday revealed that the UK’s annual house price growth rate slowed to 0.9% in October, the slowest rise in 2019.
The Halifax home price index showed that home prices in October were 0.9% higher than prices recorded a year earlier.
Meanwhile, data showed that housing prices in October fell by 0.1% compared to prices recorded in September.
Halifax said the average price reached £232,249.
🏠Halifax House Price Index🏠
October’s #Khalifashpi It shows that house prices fell by 0.1% last month. The average house price in the UK is currently £232,249.
— Halifax Bank News (@HalifaxBankNews) November 7, 2019
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Commenting on the data, Halifax managing director Russell Galley said: “Average house prices continued to slow in October, with a modest increase of 0.9 per cent over the past year.”
“While this is the lowest growth seen in 2019, it again extends the largely flat trend that has taken hold over recent months,” continued Russell Galley.
Russell Galley said: “A number of fundamental factors continue to support prices, including mortgage affordability and rising wages, but there is evidence that consumers are misplaced caution.” he added.
“We remain of the view that activity levels and price growth will remain subdued while the UK navigates political and economic uncertainty,” Russell Galley said.
In fact, the UK was due to leave the European Union at the end of last month, but was instead granted a further extension to the deadline.
As political parties prepare for general elections at the end of the year, there is growing uncertainty about the country’s future.
What will the Brexit outcome mean for the property market in the year ahead?
