12/7/2018, 9:31 AM (Source:
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UK house price growth drops to 0.3% in November

House prices in the United Kingdom fell by 1.4% in November compared to the previous month with the average price of homes at £224,578, according to Halifax’s monthly House Price Index report published on Friday.

On an annual basis, housing prices in the three months to November rose by 0.3% from the same period in 2017, dropping from October when the annual price growth stood at 1.5%. Compared to the previous quarter, house prices in the UK were down by 1.1% in the September-to-November period.

"House price growth has slowed as we approach the end of the year, falling from 1.5% in October to 0.3% in November, with the average cost of a home now £224,578. While this is the lowest rate of growth in six years, it remains within our forecast range of 0% to 3% for 2018," Russel Galley, managing director at Halifax, stated. "High employment, wage growth and historically low mortgage rates continue to make home ownership more affordable for many, though the need to raise a significant deposit still acts as something of a restraint on the market."

Breaking the News / NP