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House price growth in the UK is steady, says Halifax HPI

House prices in the UK were 1.8% higher in the third quarter of 2018 than in the previous three months and 2.5% higher than the same period in 2017, the latest lender property index shows.

The data from the Halifax also shows that the annual growth rate slowed from the 3.7% recorded in August and on a monthly basis, house prices fell by 1.4% in September, the second fall in a row, taking the average price to £225,995.

Russell Galley, managing director of the Halifax, pointed out that the figures show that house price growth is stable. “This is set amongst mortgage approvals and completed house sales remaining broadly unchanged, although a gradual pickup in wage growth has helped to support household finances,” he said.

“The annual rate of growth is near the top of our forecast range of zero to 3% for 2018, as a low supply of new homes and existing properties for sale, combined with historically low mortgage rates and a high employment rate, continue to support house prices,” he added.

Jonathan Hopper, managing director at Garrington Property Finders, added: “Yet another speed bump for a property market that has struggled to get out of second gear all year. When you’re running on empty, the fuel gauge can flicker wildly – and that’s what’s happening here as a market that’s starved of supply tries and fails to maintain a steady speed.”

<!--[if gte mso 9]><xml> Normal 0 false false false MicrosoftInternetExplorer4 </xml><![endif]--><!--[if gte mso 9]><xml> </xml><![endif]--><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} </style> House prices in the UK were 1.8% higher in the third quarter of 2018 than in the previous three months and 2.5% higher than the same period in 2017, the latest lender property index shows.

The data from the Halifax also shows that the annual growth rate slowed from the 3.7% recorded in August and on a monthly basis, house prices fell by 1.4% in September, the second fall in a row, taking the average price to £225,995.

Russell Galley, managing director of the Halifax, pointed out that the figures show that house price growth is stable. “This is set amongst mortgage approvals and completed house sales remaining broadly unchanged, although a gradual pickup in wage growth has helped to support household finances,” he said.

“The annual rate of growth is near the top of our forecast range of zero to 3% for 2018, as a low supply of new homes and existing properties for sale, combined with historically low mortgage rates and a high employment rate, continue to support house prices,” he added.

strong>Jonathan Hopper, managing director at Garrington Property Finders, added: “Yet another speed bump for a property market that has struggled to get out of second gear all year. When you’re running on empty, the fuel gauge can flicker wildly – and that’s what’s happening here as a market that’s starved of supply tries and fails to maintain a steady speed.”

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