Halifax: UK annual house price growth declines to 5.1%
According to the Halifax Halifax House Price Index, UK House prices in the three months to February were 5.1% higher than in the same period a year ago; down from 5.7% in January
Prices in the three months to February were 1.7% higher than in the preceding quarter.Average UK property price reached £219,949 in February.
Martin Ellis, Halifax housing economist, said:
“House prices in the three months to February were 1.7% higher than in the previous quarter; down from 2.3% in January. The annual rate of growth fell to 5.1% from January’s 5.7%, the lowest since July 2013.
“Housing demand is being supported by an economy that continues to perform well with employment still expanding. Meanwhile, the supply of both new homes and existing properties available for sale remains low. This combination is pushing up prices.
“The annual rate of house price growth has, however, nearly halved over the past 11 months. A sustained period of house price growth in excess of pay rises has made it increasingly difficult for many to purchase a home. This development, together with signs of reduced momentum in the jobs market and squeezed consumer spending power, is expected to curb house price growth during 2017.”