The average UK house price fell slightly last month which is the second slight decrease over the past three months. The cost of an average home dropped slightly from £293,992 in August to £293,835 in September. Annual growth has also slowed for the third month in a row to 9.9 percent from 11.4 percent. This is the first time the figure has dropped to single digits since January.
Kim Kinnaird, director at Halifax Mortgages, said recent events have led to “greater economic uncertainty” and house prices have been “largely flat since June”.
Prices only increased by around £250 since June while in the previous quarter they increased by more than £10,0000 which suggests the housing market have have entered a “more sustained period of slower growth”.
She continued: “Predicting what happens next means making sense of the many variables now at play, and the housing market has consistently defied expectations in recent times.
“While stamp duty cuts, the short supply of homes for sale and a strong labour market all support house prices, the prospect of interest rates continuing to rise sharply amid the cost of living squeeze, plus the impact in recent weeks of higher mortgage borrowing costs on affordability, are likely to exert more significant downward pressure on house prices in the months ahead.
“This will undoubtedly be a cause of some concern for homeowners, but the unprecedented rate of property price inflation we’ve seen in recent years has been far above the historic average.
“It’s important to look at slower growth in this context – since the start of the pandemic average property values have risen by around 23 percent (almost £55,000) with detached house prices up by more than £100,000 over the same period.”
‘More to follow…’
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