Property prices increasing at a slower rate, survey finds

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10th October 2016 18:04 - Housing

Property prices increasing at a slower rate, survey finds: According to a recent survey, property prices are rising at approximately half the annual rate they were six months ago.Property prices increasing at a slower rate, survey finds

In September this year, house prices were up by 5.8 per cent annually, signifying a period of ease, in comparison with a 10 per cent rate of annal price increase recorded six months prior in March.

The survey findings were released by Halifax and revealed that the 5.8 per cent annual growth rate seen in September was the weakest seen since August 2013.

On a monthly basis, house prices increased by 0.1 per cent in September, after two consecutive months of decline. In September, the average price of a house in the United Kingdom was £214,024.

On a quarterly basis, property prices were 0.1 per cent lower in the three months to September, than they were in the previous quarter (April to June). This was the weakest quarterly rate of change witnessed since November 2012.

According to Halifax, quarterly shifts in property prices are often more of a reliable signifier of what is occurring in the housing market than monthly changes.

One of Halifax’s Housing Economists, Martin Ellis, said that the property market has experienced a consistent downward trend in the last six months and there has been blatant evidence of an easing in the inflation of house prices and a softening in activity levels.

He also said that there has been a long period of time whereby property prices have increased quicker than the average person’s earning which has constrained demand. However, very low mortgage rates, as well as a shortage of houses on the market should help assist price levels in the next few months.

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