The bank Halifax has reported that housing price growth has lowered in the UK to 2.1%. This has lowered since last year, when prices were growing to the rate of 8.4%. According to Halifax this is owed to a number of things including: weak wage growth, a rise in prices of shops, and concerns of affordability. According to Mark Harris, chief executive of Halifax, mortgage rates are staying low with no immediate interest rate rise on the horizon.
Key Takeaways:
- For the first time since 2012, UK house prices have shown a quarter-on-quarter fall for a fourth consecutive month.
- Halifax numbers showed the value of an average property, between June and July, was at about £219,266.
- Consumer demand is weakening due to lackluster wages and higher prices for consumables.
“First-time buyers will be given some cheer from the figures, which indicate that house prices are not accelerating out of reach at a pace seen previously.”
Read more: https://www.bbc.com/news/business-40848771