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Thursday, January 08, 2015

Halifax House Price Index Q4,2014

The Halifax house price data for Q4 2014 showed a slowing UK property market.
  • Average house price grew by 0.3% in Q4,  the lowest growth rate since November 2012 (-0.3%). 
  • This slowing growth rate meant annual house price growth has fallen from a peak of 10.2% in July and is now at 7.8%. 
  • Average house prices grew by 0.9% between November and December.  

Commenting, Martin Ellis, housing economist, said:

"House prices in the final three months of 2014 were 0.3% higher than in the preceding three months. The quarterly rate of increase has now fallen for five successive months. Annual price growth also eased further, to 7.8% in December. This compares with a peak of 10.2% in July.

“The deterioration in housing affordability as a result of rising house prices, earnings growth that has been consistently below consumer price inflation until very recently and speculation of an interest rate rise, have combined to temper housing demand since the summer. The weakening in housing demand has led to a reduction in both price growth and sales in recent months.

"We expect a further moderation in house price growth over the coming year with prices nationally predicted to increase in a range of 3 to 5% in 2015. Housing demand, however, should continue to be supported by a growing economy, rising employment levels, still low mortgage rates and the first gain in ‘real’ earnings for several years." 

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