UK House prices eased in November

According to the Halifax, UK house prices rose at an annual pace of 9% in November, which was slightly down on 9.7% in October.

The quarterly growth is at its lowest value for nearly a year, with the average UK house price now at £204,555. Despite the slight dip, the outlook for growth is still positive due to the current mis-match between supply and demand meaning prices are likely to continue to rise at a “robust” rate. A Halifax housing economist, Martin Ellis, said “Solid economic growth, rising real earnings and falls in already very low mortgage rates have combined to stimulate housing demand this year.” “The increasingly acute imbalance between supply and demand is causing prices to rise at a robust pace. A situation that is unlikely to reverse significantly in the short-term.” Nationwide has also suggested from their latest survey results that the annual rate of house price growth slowed last month from 3.9% to 3.7% in November. The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Setfords Solicitors are a national full service law firm, with property solicitors in Guildford and across the country.