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Annual house price growth continues to slow according to the Halifax

Prices in the three months to the end of January were 2.2 per cent, indicating a further slowing from the previous figure of 2.7 per cent released for the three months to the end of December.

The data, from the Halifax, shows that house prices remained unchanged in the recent quarter (November-January) from the previous quarter (August-October).

On a monthly basis, prices fell for the second consecutive month in January - down 0.6 per cent following a 0.8 per cent decrease in December.

The average price of a home is £223,285 - it reached a highest-ever figure in November, when it was £226,408.

“Annual house price rises have slowed from 2.7 per cent in December to 2.2 per cent in January - the lowest rate since July last year. We've seen a monthly decline as well as the quarterly rate of growth flattening out” says Russell Galley, the managing director of Halifax Community Bank. 

He continues: “Although employment levels grew by 102,000 in the three months to November, household finances are still under pressure as consumer prices continue to grow faster than wages. Additionally, it’s still too early to see any impact for first-time buyers from the abolition of stamp duty on purchases of up to £300,000, which was announced in the November Budget.

“Despite the recent rise in the Bank of England base rate, mortgage rates are still very low. This, combined with an ongoing acute shortage of properties for sale, will continue to underpin house prices over the coming months.”

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