House Price Growth Falls To Lowest Level For 6yrs

Homeowners will be disappointed to hear their property has not gained much value in the last year, increasing by only 1.1 per cent from September 2018 to 2019.

Homeowners will be disappointed to hear their property has not gained much value in the last year, increasing by only 1.1 per cent from September 2018 to 2019.


This represents the lowest annual house price growth since April 2013, and is significantly lower than the two per cent increase experienced the year before, according to the latest Halifax House Price Index.

Property values have continued to fall since April, when the rate dipped from 2.6 per cent to 1.7 per cent and has not recovered since.

Russell Galley, managing director of Halifax, noted real estate has exhibited a “predominantly flat trend” over the last few months.

While market conditions are stable, including mortgage approvals and completed sales, and affordability issues, such as wage growth and interest rates, are positive, the political instability is having a negative impact on house prices.

Mr Galley stated: “Looking ahead, we expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists.”

The average asking price of a home in Britain stood at £232,574 in September 2019, only marginally higher than it was last year at £229,930.

Therefore, those considering putting their houses up for sale might be inclined to wait a little longer to see whether the market improves.

Instead, they could make improvements to their current abode to delay their desire to move. According to Ideal Home, one of the best ways to spruce up a property while boosting its asking price is to install a wood-burning stove.

The publication stated that it could add as much as five per cent on to the value of a home, or £10,365 on average.

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