British house price growth hits six-year low in September: Halifax

LONDON (Xinhua) – The average house prices across Britain rose by 1.1 per cent in September, compared with the same month one year ago, recording the lowest growth rate since April 2013, according to mortgage lender Halifax yesterday.

Halifax’s house price index showed that the average house prices across Britain in September was GBP232,574, falling by 0.4 per cent from a month earlier.

On a quarterly basis, the house prices in the latest quarter, from July to September, increased by 0.4 per cent than in the preceding quarter.

Managing Director at Halifax Russell Galley said, “Annual house price growth slowed somewhat in September, rising by just 1.1 per cent over the last year. Whilst this is lowest level of growth since April 2013, it remains in keeping with the predominantly flat trend we’ve seen in recent months.”

“Underlying market indicators, including completed sales and mortgages approvals, continue to be broadly stable. Meanwhile for buyers, important affordability measures, such as wage growth and interest rates, still look favourable,” Galley said.

“Looking ahead, we expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists,” Galley added.