House prices saw the fastest price growth since January

BRITAIN-ECONOMY-HOUSING

The pace of United Kingdom house price growth is showing signs of slowing, according to the latest figures from Halifax. United Kingdom high street lender Halifax's monthly index shows the annual rate of property price inflation eased in November.

According to data released by Halifax on Thursday (7 December), in the 12 months to November, prices were 3.9% higher than in the corresponding period a year earlier, to £226,821 ($303,511).

Halifax said the average price of United Kingdom residential real estate, was 0.5% higher in November than October and increased by 3.9% compared with a year earlier.

Halifax said that, despite the easing annual growth, the imbalance between supply and demand continues to support house prices.

But the 3.9 per cent annual rise in November has dropped on the previous month, when a whopping 4.5 per cent year-on-year rise was reported in October. This would suggest the last call for property sales in 2017 has been made, but with sales reaching their highest level this year, there are still plenty looking to complete this side of Christmas which will keep things ticking over.

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However, he added: "Further ahead, increasing affordability issues, as price increases continue to outstrip wage growth, are likely to curb housing demand and cause price growth to ease".

Mortgage approvals for house purchases weakened in October for the third month.

The figures come after the Government announced that it is scrapping stamp duty for first-time buyers on properties worth up to £300,000 to help get more people on the property ladder. However, the lack of property - both in the United Kingdom and available for sale - will continue to prop up prices, regardless of other details. Following a couple of months in which new instructions had held broadly stable, supply has now fallen in 20 consecutive months to October.

"The Nationwide and Rightmove measures have been much less volatile than Halifax's in the past and they chime with surveys from RICS and NAEA indicating weakening new buyer demand", Tombs said.

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