House price growth hit a six-month low last month to 2.2%, Halifax figures show.
The latest Halifax House Price Index for January showed annual growth declined from 2.7% in December 2017, the lowest rate since July last year.
It was also the second consecutive monthly drop, with figures again down 0.6%.
The Index put average prices at £223,285 for January, which is still 1.9% higher than the same period last year.
Russell Galley, managing director of Halifax Community Bank, said: “Although employment levels grew by 102,000 in the three months to November, household
finances are still under pressure as consumer prices continue to grow faster than wages.
“Additionally, it’s still too early to see any impact for first-time buyers from the abolition of Stamp Duty on purchases of up to £300,000, which was announced in the November Budget.
“Despite the recent rise in the Bank of England base rate, mortgage rates are still very low. This, combined with an ongoing acute shortage of properties for sale, will continue to underpin house prices over the coming months.”
I prefer regional property price averages as there is a huge north/south price divide and a national average allows the call centre agents to promote this higher figure on their traditional v call centre savings calculators which disadvantage those traditional agents north of this Midland divide.
According to RM’s January 2018 price index, the average price index north of this divide to include Scotland and Wales is around £180,000 which is why the call centre agents must regionalise their fee calculators as this figure incorporates around 2/3 of the UK?
Otherwise, it may be perceived that they are deliberately using a national average to ‘mislead’ their users in what saving may be made?
Remember the Housesimple TV advert that claimed that they saved on average £5000?
Clearly not possible for the vast majority of the UK.
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