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Tuesday, November 08, 2016

Property price growth still slowing

Halifax have published their House Price Index for October 2016.
  • Annual House Price inflation falls to 5.2% (Aug-Oct 16 compared to Aug-Oct 15 ) 
  • Prices up by 0.1% for quarter (Aug-Oct 16 compared to May-Jul 16 )
Halifax housing economist, Martin Ellis, comments:

“House prices in the three months to October were largely unchanged compared with the previous quarter. The annual rate of growth continued on its recent downward trend, easing to 5.2%.

Activity levels, like house price growth, have softened compared with a year ago. Home sales, however, appear to have stabilised in recent months following the distortions earlier in the year due to the changes to stamp duty in April.

Annual house price growth has nearly halved from a peak of 10.0% in March this year, but remains robust at 5.2%. This expected slowdown appears to have been largely due to mounting affordability pressures, which have increasingly constrained housing demand. Whilst house price growth may ease further in the coming months, very low mortgage rates and a shortage of properties available for sale should help support price levels."

Download the Halifax House Price Index for October 2016.

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