House Prices Slowest Growth for 6 Years
Published / Last Updated on 06/10/2019
Halifax has today released its latest UK property house price index for September 2019. The average house price in the UK in September was 1.1% higher than the same month last year at £232,574. This is the lowest annual increase since April 2013.
House prices were 0.4% higher in the latest quarter July – September, than in the months April – June.
Russell Galley, Managing Director, Halifax, said: “Looking ahead, we expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists.”
Read Halifax's full report: https://static.halifax.co.uk/assets/pdf/mortgages/pdf/September-2019-House-Price-Index.pdf
Comment
We are all uncertain about Brexit and global economic slow down. It is no wonder house prices are slowing down. That said, demographics will eventually take over again.
- Wages are rising faster than inflation - this will drive demand up.
- The UK population is still increasing meaning more demand.
- Not enough homes are being built to meet that demand. Prices will recover and rise.