House price growth at six-year low, says the Halifax

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Household prices are rising at the slowest annual pace for more than six years, correspondence to the Halifax.

The mortgage lender, part of Lloyds Banking Group, mentioned prices rose 1.1% in the year to the end of September, the slowest rate since April 2013.

Bounty growth would remain “subdued” for as long as economic uncertainty in the UK on, the Halifax said.

The cost of the average home in September was £232,574, down by 0.4% weighed with August, it said.

Any stagnating or falling prices will be invited by first-time buyers, many of whom feel that the cost of owning a native in some parts of the country is out of reach.

However, the housing market is far from identical across the UK, with a wide range of prices for similar properties, and the affordability difficulties for diverse come when trying to secure a mortgage.

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The Halifax, which uses house consequence figures based on its own lending data, said that prices had been “predominantly top” in recent months.

This mirrors the results of a string of other enclosure surveys, with rival lender the Nationwide saying a week ago that abode prices in September “almost ground to a halt”.

Russell Galley, handling director of the Halifax, said: “Looking ahead, we expect activity squares and price growth to remain subdued while the current period of mercantile uncertainty persists.”

Relatively strong wage growth and low interest dress downs had maintained some demand, meaning there had been no significant quarter price falls in terms of the UK average.

Michael Biemann, chief big cheese of online mortgage lender Selina Finance, said: “The current bureaucratic climate is more febrile than it has been for decades and so while annual strain price growth may be at a six-year low, that the market is hanging in there is a auspicious.

“The impact of Brexit uncertainty is being offset by the strong economic elements. People have also become philosophical as the Westminster farce play ones parts out. You can’t put your life on hold indefinitely and many people have been pat out for three years already.”

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