New figures from Halifax show UK house price growth is the slowest in six years.
House prices rose by just 0.3% in the three months to the end of November compared to the same period last year, according to figures published today.
This compares to the annualized growth of 1.5% recorded in October.
The average house price in the UK is £224,578.
“House price growth has slowed towards the end of the year, falling from 1.5% in October to 0.3% in November, with the average price of a house now standing at £224,578, the highest increase over the past six years. “While this is the lowest growth rate, it remains within the 0% to 3% expected range for 2018,” said Halifax managing director Russell Galley.
“High employment, wage growth, and historically low mortgage rates continue to make homeownership more affordable for many people, but the need to raise large down payments remains a constraint on the market. This has been largely offset by a relatively limited supply of new and existing properties for sale, which continues to support home prices nationally.
In October, the number of home loan approvals also increased at the highest rate since January 2018.
The UK housing market has cooled significantly over the past year, particularly in London and the South East.
Last week, the Bank of England published its analysis on Brexit, warning that house prices could fall by 30% in a no-deal scenario.
