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Are UK house prices rising or falling?

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Written by:
07/10/2019
The latest report provides a mixed picture of property prices
Are UK house prices rising or falling?

The average house price in September fell to £232,574, according to Halifax – a drop of 0.4% compared to August.

However, over the last year house prices are still up by 1.1%, and just about increasing on the lender’s quarterly measure, inching up 0.4%.

But while the annual growth figure may be in positive territory, it actually represents the lowest level of annual growth since April 2013.

Prices are still rising, but the pace of growth has slowed.

Russell Galley, managing director of Halifax, said this slow growth ‘remains in keeping with the predominantly flat trend we’ve seen in recent months’.

He added: “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.”

Marc von Grundherr, director at estate agency, Benham & Reeves, added: “These most recent of statistics from one of the country’s volume mortgage lenders are the latest in a very mixed picture and one that adds to confusion as to what on earth the property market is really doing.

“The various indexes of late have not only contradicted each other but often contradict themselves month on month – in fact, the numbers have bounced around like a beach-ball on a bungee rope since the beginning of the year.”

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