House prices starting to fall

Martin Ellis, Halifax housing economist, comments:

"House prices have stagnated over the past three months. Overall, prices in the three months to April were marginally lower than in the preceding three months; the first quarterly decline since November 2012. The annual rate of growth remained at 3.8% in April, the lowest rate since May 2013.

Housing demand appears to have been curbed in recent months due to the deterioration in housing affordability caused by a sustained period of rapid house price growth during 2014-16. Signs of a decline in the pace of job creation, and the beginnings of a squeeze on households’ finances as a result of increasing inflation, may also be constraining the demand for homes.

“Continuing very low mortgage rates, together with an ongoing acute shortage of properties for sale, should nonetheless underpin house prices over the coming months.”

Are UK house prices starting to fall? The Halifax thinks so https://t.co/2dd3L8Wxqy #Housing pic.twitter.com/ItnkI74uoP

— Property PR (@propertypr) May 8, 2017

House prices post first quarterly fall in four years as market stagnates https://t.co/xaEQ18JERc

— Telegraph Property (@TeleProperty) May 8, 2017

House prices down on last quarter finds Halifax House Price Index - https://t.co/ZW8oPYcxqU

— Mortgage Solutions (@mortgagesols) May 8, 2017

House prices in April in first quarterly fall for 4 years https://t.co/o72zpD1cKG

— FTAdviser (@FTAdviser) May 8, 2017

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