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UK house prices fell in October

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Despite a small dip in the last month, average property prices are still up over the year
UK house prices fell in October

The average UK house price in October was £232,249, according to Halifax, down 0.1% compared to September.

Property prices are just about in positive territory over the last 12 months – up by 0.9% compared to October 2018.

Russell Galley, managing director of Halifax, said: “Average house prices continued to slow in October, with a modest rise of 0.9% over the past year. While this is the lowest growth seen in 2019, it again extends the largely flat trend which has taken hold over recent months.

“A number of underlying factors such as mortgage affordability and wage growth continue to support prices, however there is evidence of consumers erring on the side of caution.

“We remain unchanged from our view that activity levels and price growth will remain subdued while the UK navigates economic uncertainty.”

David Westgate, group chief executive at Andrews Property Group, agreed: “For now, the property market remains stuck in its interminable limbo but the December General Election result could decide its direction for the next five years.

“More political deadlock could see the market continue to drift along in its current sub-1% annual growth rut, while a decisive win for Boris Johnson could see the market rebound sharply.

“In the meantime, the market is in fairly good shape, all things considered.”

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