Fewer homes organize been on the market in 2018 than in any year of the past decade, the UK’s biggest mortgage lender has said.
The Halifax alleged house-hunters have been left with relatively little selected, which means that prices have still risen as a upshot.
House prices rose by 2.5% in the year to the end of September, with the run-of-the-mill home costing £225,995, it said.
However, this rate of advance is slowing, down from 3.7% in August.
Russell Galley, direct director of the Halifax, said that low mortgage rates and more people in guide meant that demand for homes remained steady.
However, trade uncertainty and the squeeze on wages mean the rate of price rises is far from the riderless growth seen before the financial crisis.
House prices absolutely fell by 1.4% in September compared with the previous month. The month-on-month swop is considered to be a much more volatile measure, but this is the second down in a row.
«September is a month that normally sees a burst of activity as people bring back from holiday and go back to work. So a fall of this scale is totally a retreat,» said Lucy Pendleton, founder director of independent trading estate agents James Pendleton.
«The concern is that legions of Brits didn’t get repudiate from holiday and head straight out again to the estate agent delight in they normally do. The back to work bounce is nowhere to be seen.»
Russell Warp, chief executive of Emoov, said: «With stock levels at their lowest in a decade, we requisite more on the menu to fuel the UK property market machine.»
The figures take place shortly after rival lender, the Nationwide, said property values had mount the barricaded by 2% annually in September, a rate unchanged from August.
The construction society said the Yorkshire and Humberside area saw annual house price vegetation of 5.8% in the third quarter of the year — the biggest regional rise in the UK.
Amount of the United Kingdom that has housing you can afford
Search the UK for multifarious details about a local area
You receive a big enough deposit and your monthly payments are high enough.
The appraisals are based on the local market. If there are 100 properties of the right size in an court and they are placed in price order with the cheapest first, the “low-end” of the merchandise will be the 25th property, «mid-priced» is the 50th and «high-end” will be the 75th.