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Thursday, November 06, 2014

Halifax house price index for October

Halifax's latest house price index has recorded a surprise fall. Prices fell 0.4% in October from September's figure. The average home is now worth £186,135.

Their housing economist,  Martin Elliss said:

"House prices in the three months to October were 0.8% higher than in the preceding three months. This was the third consecutive decline in the quarterly rate of increase and the smallest rise since December 2012. Annual price growth in the three months to October slowed to 8.8% from 9.6% in September. Activity continues to decline with mortgage approvals in September falling for the third successive month to a 14 month low, whilst home sales are at their lowest level since October 2013. The associated weakening in demand has brought supply and demand into better balance.
“The economy is, however, continuing to grow at a healthy pace and employment is still rising. These
factors should support housing demand over the coming months. However, while the chances of an
imminent interest rate hike may have receded, a recent Halifax survey found that many borrowers are
concerned about the impact a rise could have on their monthly mortgage repayments over the next 12
months. This concern is likely to curb buying intentions."

Download October's 2014 Halifax House Price Index report for

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