THE Halifax is reporting that house prices in the three months to September were 5.8 per
THE Halifax is reporting that house prices in the three months to September were 5.8 per cent higher than in the same three months of 2015.
Halifax housing economist Martin Ellis said: “House prices in the three months to September were largely unchanged compared with the previous quarter. The annual rate of growth eased from 6.9 per cent in August to 5.8 per cent.
“The housing market has followed a steady downward trend over the past six months with clear evidence of both a softening in activity levels and an easing in house price inflation. The reduction in annual house price growth from a peak of 10 per cent in March to 5.8 per cent six months later remains in line with our forecast at the end of 2015.
“A lengthy period where house prices have risen more rapidly than earnings has put pressure on affordability, therefore constraining demand.
“Very low mortgage rates and a shortage of properties available for sale should, however, help support price levels over the coming months.”