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Annual house price growth levels at 1.1 per cent for September

Shekina Tuahene
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Shekina Tuahene

The average price of a house increased by 1.1 per cent in September against the same month last year, but fell 0.4 per cent compared to August.

The average price of a house is now £232,574. This was 0.4 per cent higher in September than in the previous quarter, Halifax’s House Price Index showed.

Russell Galley, managing director at Halifax, said: “Whilst this is lowest level of growth since April 2013, it remains in keeping with the predominantly flat trend we’ve seen in recent months.

“Underlying market indicators, including completed sales and mortgages approvals, continue to be broadly stable. Meanwhile for buyers, important affordability measures – such as wage growth and interest rates – still look favourable.

“Looking ahead, we expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists.”

Market resilience

Shepherd Ncube, founder and chief executive of Springbok Properties, the home sales agent said: “Resilience seems to be the underlying trend in UK property values overall.

“Westminster shenanigans seem unable to tarnish the gloss from the market and we continue to see almost uninterrupted house price growth on an annual basis albeit that that growth is certainly more subdued.”

Guy Harrington, chief executive of property lender Glenhawk, said: “The UK market is characterised by inertia, with the political and economic backdrop a major contributing factor.

“It’s unlikely this will change anytime soon; flat housing growth will be here for some time. The real worry will be if we start seeing negative growth, which is a real possibility.”

Could be worse

Andrew Montlake, managing director of the UK-wide mortgage broker, Coreco, added: “Given that we’re at the biggest political juncture for generations, the market is performing far better than expected.”

Hold or play

For some, the figures represented the country’s attempts to continue with business as usual, not letting political affairs affect things too heavily.

Michael Biemann, chief executive of the digital property lender, Selina Finance, said: “People have also become philosophical as the Westminster farce plays out. You can’t put your life on hold indefinitely and many people have been holding out for three years already.

“There comes a point when you have to get on with life and a lot of people are doing just that.”

Tomer Aboody, director of property lender MT Finance, added: ‘It is not surprising that there has been a little growth in property prices because some people have to get on with their lives, but there isn’t more of it as others are procrastinating.”