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House prices cool as Halifax warns 2017 will see a slowdown

House prices cool as Halifax warns 2017 will see a slowdown

Annual growth in house prices slowed in January - a taste of things to come in 2017 according to the house price index produced by Britain's biggest lender, the Halifax

House prices rose 5.7 per cent in the year to the end of January - effectively this meant a drop of about £1,930 from the December figure when annual house inflation was running at 6.5 per cent.

The typical UK home is now valued at £220,260.

In the three months to the end of January prices were 2.4 per cent higher than the previous three months; but, compared to a year earlier, price growth was starting to slow and was well below a peak of 10 per cent seen a year ago.

The Halifax says weaker economic growth and increasing pressure on spending power, along with affordability constraints, are set to dampen housing demand as the year progresses, resulting in downward pressure on price growth.

However Martin Ellis, Halifax housing economist, says: "The quarterly and annual rates of house price growth remain robust even though they are lower than in spring 2016. UK house prices continue to be supported by an ongoing shortage of property for sale, low levels of housebuilding, and exceptionally low interest rates."

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