House price growth has almost stood still over the past 12 months, according to one of Britain’s leading mortgage lenders. The annual change in house values in England to November 2018 was just 0.3 per cent.
The slow down marked a 1.1 per cent decrease between the second and third quarters of the year, according to data from The Halifax. The monthly change was even sharper – down 1.4 per cent since October. The bank says the average price of a home is £224,578, a fall of £1,669 from £226,247 a year ago, while values have dropped in three out of the four past months.
Russell Galley, managing director, Halifax, said: “House price growth has slowed as we approach the end of the year, falling from 1.5 per cent in October to 0.3 per cent in November. While this is the lowest rate of growth in six years, it remains within our forecast range of 0 per cent to 3 per cent for 2018.
“High employment, wage growth and historically low mortgage rates continue to make home ownership more affordable for many, although the need to raise a significant deposit still acts as something of a restraint on the market. This is largely offset by a relatively limited supply of new and existing properties for sale, which continues to sustain house prices nationally.”
The latest Land Registry house price data for September 2018 set the average property price at in England at £232,554, which was an annual increase of 3.5 per cent and a zero monthly change. The figures were £152,961 for Scotland, £162,069 for Wales and £125,060 for Northern Ireland.
House prices are growing fastest in the West Midlands at 6.1 per cent for the year. The most expensive home sold was in Kensington, London, for £17.85 million, while the cheapest were in Ferryhill, County Durham, and Burnley, Lancashire, for £19,000. In England and Wales, 594 homes sold for £1 million or more.