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- UK annual house price growth slows to 0.9% in October
UK annual house price growth slows to 0.9% in October
According to the report from Halifax Bank of Scotland, UK house prices in October were 0.9% higher than in the same month a year earlier. In September prices by rose 1.1%. Economists had expected a 1.4% increase in October
On a monthly basis, house prices fell by 0.1% after a 0.4% decline in September. Economists had expected a 1.3% increase.
In the latest quarter (August to October) house prices were 0.2% higher than in the preceding three months (May to July)
Russell Galley, Managing Director, 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 political and economic uncertainty.”
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