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Thursday, September 08, 2016

Halifax HPI for August reflects slowdown

The Halifax House Price Index for August 2016 reflects the market slowdown.

Halifax housing economist, Martin Ellis says:

"House prices in the three months to August were 0.7% higher than in the previous quarter; down from 1.5% in July. The annual rate of growth fell from 8.4% in July to 6.9%.

House price growth continued the trend of the past few months in August with a further moderation in both the annual and quarterly rates of increase. There are also signs of a softening in sales activity.

The slowdown in the rate of house price growth is consistent with the forecast that we made at the end of 2015. Increasing difficulties in purchasing a home as house prices continued to increase more quickly than earnings were expected to constrain demand, curbing house price growth.”

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