Halifax Reveals House Prices on Slow and Steady Climb

Halifax Reveals House Prices on Slow and Steady Climb

The latest house price index from Halifax revealed that UK house prices grew annually by only 0.9%. The average house price therefore is now at £232,249. There may have been growth, but it was disappointing in that it was the lowest growth recorded so far this year. However, it should be noted that throughout the months of September and October hopeful home buyers were likely put off by the concept of home buying as the Brexit deadline of 31 October approached.

Russel Galley, managing director at Halifax commented on the latest report, remarking, “This is the lowest growth seen in 2019. It again extends the largely flat trend which has taken hold over recent months.”

However, there are home buyers willing to push aside any caution and take advantage of the current buying environment. There are lower asking prices and low interest rate mortgages for home buyers. Fixed rate long term mortgages are even attached to low interest rates as lenders remain competitive for attention from borrowers.

The Bank of England reported that mortgage approvals had increased in September by 0.4%. While the October data is not yet available, it is expected that the Brexit deadline could have easily pushed home buyers into the market with opportunities to buy and borrow too good to ignore.

The market is still attractive and while some may take cautious steps until the issue of Brexit is resolved, there are low asking prices, the ability to borrow cheaply, and the ability to lock in a low interest rate for years to come. That might offer motivation to home buyers and trigger a last minute boost to the market for the end of the year.

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