UK home sales remain flat

UK home sales remain flat

UK home sales have remained flat in the three months to September, remaining unchanged from the previous three months.

According to the latest data from Halifax, residential sales have been broadly flat over the past year, and are likely to remain so in the coming months.

In the three months to October, house prices were 1.5% higher the same three months a year earlier.

House prices grew 0.7% in October, following two consecutive monthly falls.

£227,869 – Average house price

Annual house price growth is now at 1.5%, slowing from the 2.5% growth recorded in September, with the average house now priced at £227,869.

Bank of England figures have shown the number of approved mortgages fell by 1.3% in September.

House prices ‘continue to be supported’

Russell Galley, Managing Director, Halifax, said: “The annual rate of house price growth has fallen from 2.5% in September to 1.5% in October, which is the lowest rate of annual growth since March 2013. However, this remains within our forecast annual growth range of 0-3% for 2018.

“House prices continue to be supported by the fact that the supply of new homes and existing properties available for sale remains low. Further house price support comes from an already high and improving employment rate and historically low mortgage rates which are creating higher rates of relative affordability. We see this continuing to be the case over the coming months and we remain supportive of our 0-3% forecast range.”