House price growth in the UK struggles to reach 1% throughout 2019
Current market results of this year from the Halifax House Price Index calculate the average UK house price in October at £232,24; a modest rise of 0.9% on last year.
On a monthly basis, house prices fell by 0.1 per cent, while house prices grew 0.2 per cent between August and October compared to the previous quarter.
The Managing Director, Halifax Russell Galley, commented: “Average house prices continued to slow in October. While this is the lowest growth seen in 2019, it again extends the largely flat trend which has taken hold over recent months.
“A number of underlying factors such as mortgage affordability and wage growth continue to support prices, however, there is evidence of consumers erring on the side of caution.
“We remain unchanged from our view that activity levels and price growth will remain subdued while the UK navigates economic uncertainty.”
With Brexit placed on the backburner by the government, the slow levels of growth were predictable as buyers quite rightly refuse to commit to an almost stagnant property market in the UK. Although a sharp upturn of fortunes remain unlikely, it’s hoped that after a potential General Election, the levels of growth seen this year will start to accelerate once again and encourage confidence in the market.
Please get in touch with us if you have any questions or would like any further information on our full range of services.