The latest Halifax House Price Index has just been released showing that UK house prices in November fell 1.4% month on month, 1.1% quarterly and increased by just 0.3% annually as the rate of price growth reaches its lowest since December 2012.
Property and business growth expert at Yomdel, Andy Soloman, said of the data: “Much like Theresa May’s EU exit strategy, the UK property market has continued to stall with the slowest rate of growth seen in the last six years. Of course, there is a seasonal aspect to this slowdown but with further complications likely to arise before a deal is reached on Brexit, price growth will no doubt remain erratic heading into 2019 as market uncertainty remains.”
Jonathan Hopper, managing director at Garrington Property Finders, commented: “The chronic shortage of supply put a floor under house prices for much of the year, but after months of inertia, we’re seeing increasing numbers of strategic buyers flexing their muscles and preying on favourable market conditions. Their ability to make chain-free, cash offers for homes in good areas is helping them secure discounts and nudging down average prices.”