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Thursday, June 08, 2017

Halifax - May property price rise

Halifax's Martin Ellis comments :

“After reaching a recent peak of 10% in March 2016, the annual house price growth has since fallen to 3.3% in May.

House prices have again fallen over the past three months. Overall, prices in the three months to May were -0.2% lower than in the preceding three months; the same rate as in April.

The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, is likely to support house price levels over the coming months.”

Property sales fell by 3% between March and April, to 99,910 properties.
Mortgage approvals for house purchases also fell, down 2% between March and April, to 64,600. 

The bank blame the slowing property market on rising inflation, weak wage growth, and higher stamp duty tax rates for buy to let and second home purchases.

Supply remains low, with newly marketed properties down for the 14th month according to RICS latest data. 

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