House Price Growth Hits Slowdown
8th December 2017.
The rate of annual house price growth in the UK has slowed for the first time since July, according to Britain’s biggest mortgage lender.
Halifax, who conducted the research, have found that house prices rose by a mere 3.9 per cent in November, compared with the year before. This was a slowdown from a 4.5 per cent increase in October.
Russell Galley, managing director of Halifax Community Bank, said: “The imbalance between supply and demand continues to support house prices, which doesn’t look like changing in the near future.”
Other sources however have suggested the housing market is slowing to an even greater extent. Nationwide, a rival mortgage lender, reported 2.5 per cent annual growth in house prices in November, and Rightmove’s reported asking prices had risen by 1.8 per cent.
Neither Halifax or Nationwide can explain why their data is so different. Some have put the blame on Halifax’s northern leaning and Nationwide’s bias towards the south; Nationwide has also claimed to cope better with a smaller number of transactions.
The Bank of England and the Royal Institution of Chartered Surveyors reported a similar slowdown of the Housing market. The Bank reported mortgage approvals were at a one-year low, and RICS found a noticeable drop in interest from new buyers and less transactions overall.
These figures come two weeks after the chancellor Philip Hammond announced that stamp duty would be cut for first-time buyers in homes up to £300,000, The Office for Budget Responsibility has confirmed that this measure will likely increase house prices as buyers will be considered to have more money for a deposit.
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