Another warning of challenging 2015 market

The Halifax is the latest to warn that 2015 might prove difficult for agents.

"We expect a further moderation in house price growth over the coming year with prices nationally predicted to increase in a range of three to five per cent in 2015 says Martin Ellis, Halifax housing economist, and author of its monthly house price index.

But he says demand will be supported by a growing economy, rising employment levels, still low mortgage rates and the first gain in real' earnings for several years.

The Halifax says house prices in the final three months of 2014 were 0.3 per cent higher than in the preceding three months. Annual price growth also eased further, to 7.8 per cent in December. This compares with a peak of 10.2 per cent in July.

The deterioration in housing affordability as a result of rising house prices, earnings growth that has been consistently below consumer price inflation until very recently and speculation of an interest rate rise, have combined to temper housing demand since the summer says Ellis.

He says that looking slightly further back, sales were below 100,000 in November - at 98,490 - for the first time since November 2013.