You are here: Home - Mortgages - First Time Buyer - News -

House price slowdown confirmed by latest figures

0
Written by: Christina Hoghton
07/04/2017
House prices in the three months to March were 3.8% higher than in the same period a year ago, but this is the lowest level since May 2013, according to Halifax.

The March figure was down notably from 5.1% in February and the month-to-month figures saw prices remain static between January and February, maintaining the UK’s average property price at £219,755.

Martin Ellis, Halifax housing economist, said: “The annual rate of house price growth has more than halved over the past 12 months. A lengthy period of rapid house price growth has made it increasingly difficult for many to purchase a home as income growth has failed to keep up, which appears to have curbed housing demand.

“Nonetheless, the supply of both new homes and existing properties available for sale remains low. This, together with historically very low mortgage rates, is likely to support house price levels over the coming months.”

Tarlochan Garcha, CEO at peer-to-peer property lender, Kuflink, added: “It is far from a seller’s market, with astute buyers winning big discounts.

“The result is greater levels of month-to-month volatility and a sense of caution returning to the market, as rising consumer inflation threatens to drive up the cost of living faster than average wage rises.

“The days of double-digit price rises have vanished, and while the market fundamentals are robust, price growth will be modest at best.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
pension pot
Thousands fail to reclaim tax overcharged on pension freedom withdrawals

Thousands of people who have withdrawn money under pension freedoms failed to reclaim millions of pounds in overpaid tax. Here’s...

Close