Significant slowdown in UK house price growth

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The real estate prices grew much slower in 2017 than in the previous year, the UK’s largest lender has reported.

The Halifax said prices rose by 2.7% in 2017, compared with a 6.5% increase in 2016. Based on the calendar year, the lowest increase since 2012.

The decline was driven by a pressure on the real wage growth and persistent uncertainty about the economy, it said.

At the end of the year the average house price across the UK is £225,021.

The Halifax research echoes last week suggested the figures from the nationwide, prices rose by 2.6% in the year 2017.

During the month of December, the Halifax said that prices actually fell by 0.6%, the first monthly decline since June of last year.Biggest house price increases for 2017 revealedLondon’s affordable commuter towns

However, the Halifax is expected to continue to rise in prices in the year 2018.

“National house prices in the year 2018 is likely to be supported by the ongoing lack of properties for sale, low level of housing, high employment and a continuation of the low interest rates of the mortgage servicing affordable, relatively speaking,” said Russell galley, managing Director of Halifax Community Bank.

“Overall, we expect to see annual price growth in the range of 0-3% by the end of 2018.”

Samuel tombs, chief UK economist at Pantheon macroeconomics, said that the price was to slow the growth of the gradual rise in mortgage interest rates.

The cost of the average fixed-rate mortgages rose by between 0.1% and 0.2% in September.

“The Halifax data suggest that the recent jump in new mortgage rates has poured cold water on a market that is signaled already,” he said.

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The prices are based on the local market. If there are 100 properties of the right size in an area and you are in price order with the cheapest first, the “low-end” of the market, the 25-property “medium-price segment,” the 50-and the “high-end” is the 75.

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