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UK house prices fell between October and November – Halifax

by: Mortgage Solutions
  • 08/12/2015
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UK house prices fell between October and November – Halifax
Average house prices fell by 0.2% from October to November, according to the latest house price index from Halifax, published today.

This takes the average property price to £204,552 and pulls down quarterly price growth to 1.4%, its lowest level since last December.

Annual price growth has also eased, but overall prices in the three months to November were still 9% higher than the same time last year.

Home sales were flat in October, falling slightly by 0.2% to 105,490. The quarterly trend is more positive with sales in the three months to October 4.7% higher than in the same three months in 2014, according to HM Revenue and Customs.

Mortgage approvals are still rising, ticking up 1% in the last month and 17% year-on-year.

However, supply of property has dropped to a new record low, according to the Royal Institution of Chartered Surveyors, as new instructions by home sellers fell in October for the ninth successive month.

Martin Ellis, Halifax housing economist, said: “Solid economic growth, rising real earnings and falls in already very low mortgage rates have combined to stimulate housing demand this year.

“The increasingly acute imbalance between supply and demand is causing prices to rise at a robust pace. A situation that is unlikely to reverse significantly in the short-term.”

 

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