Industry reacts to latest House Price Index

September’s Rent Update: Price growth eases further

Halifax recently released their latest House Price Index stating that house prices in the three months to September 2016 were 5.8% higher than in the same three months in 2015.

At the same time, prices in the last three months (July-September) were also 0.1% lower than in the previous quarter.

Between August and September, prices increased by 0.1%, which followed a previous drop of prices in June and July.

Furthermore, Halifax’s House Price Index stated that the average first-time buyer has now hit 30 years. Whilst the youngest first-time buyer are in Cumbria and South Wales and average at 27 years, the oldest first-time buyers are 34 years old and buy property in Slough or some of London’s boroughs.

Martin Ellis, Halifax housing economist, said:

House prices in the three months to September were largely unchanged compared with the previous quarter. The annual rate of growth eased from 6.9% in August to 5.8%.

“The housing market has followed a steady downward trend over the past six months with clear evidence of both a softening in activity levels and an easing in house price inflation.

“The reduction in annual house price growth from a peak of 10.0% in March to 5.8% six months later remains in line with our forecast at the end of 2015. A lengthy period where house prices have risen more rapidly than earnings has put pressure on affordability, therefore constraining demand. Very low mortgage rates and a shortage of properties available for sale should, however, help support price levels over the coming months.”

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