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

Property prices fell between October and November

Written by: Christina Hoghton
Property prices dipped slightly last month but they are still up over the year.

Average house prices fell by 0.2% from October to November, according to the latest house price report from Halifax, published today.

This takes the average property price to £204,552 and pulls down quarterly price growth to 1.4%, its lowest level since last December.

Annual price growth has also eased, but overall prices in the three months to November were still 9% higher than the same period time last year.

Sales flat, supply low

Home sales were flat in October, falling slightly by 0.2% to 105,490. The quarterly trend is more positive with sales in the three months to October 4.7% higher than in the same three months in 2014, according to HM Revenue & Customs.

Mortgage approvals are still rising, ticking up 1% in the last month and 17% year on year.

However, supply of property has dropped to a new record low, according to the Royal Institution of Chartered Surveyors, as new instructions by home sellers fell in October for the ninth successive month.

Martin Ellis, Halifax housing economist, said: “Solid economic growth, rising real earnings and falls in already very low mortgage rates have combined to stimulate housing demand this year.

“The increasingly acute imbalance between supply and demand is causing prices to rise at a robust pace. A situation that is unlikely to reverse significantly in the short-term.”

And Myles Williams, chief executive at Fast Property Finance, added: “November may have seen a slight dip in house prices but this does not dent the overall trajectory of up, up and away. After all, with demand so strong and supply so weak, prices will only continue to rise.

“Fix the supply side and you’ll get a more sustainable and healthy market. Unfortunately we appear to be a long way off achieving that.”

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week

Read previous post:
New measures to boost competition in savings market

Comparing and switching cash savings accounts will be made easier for consumers under new measures announced today by the City...