House prices rising 9% in a year, but pace of growth slowing

House prices rising 9% in a year, but pace of growth slowing

The Halifax says UK-wide house prices are rising on average by nine per cent per year, but the rate of growth is slowing down.

Prices in the three months to the end of November, for example, rose only 1.4 per cent - the lowest quarterly price rise for a year. And prices actually fell in the single month of November, by 0.2 per cent, although the Halifax stresses that the quarterly figure is always a more reliable guide to the operations of the market.

The typical home in the UK now costs £204,552 says the Halifax - a year ago the price was £188,058. 

Over that 12 month period the annual rate of house price inflation has ranged from 7.8 per cent to 9.7 per cent - it’s currently 9.0 per cent.

In separate research, the Halifax says the value of the UK's private housing stock - as measured in August of this year - was estimated at £5.1 trillion, before the deduction of outstanding mortgage balances. 

This compares with £3.3 trillion in 2005, and represents since that time an increase of £1.8 trillion or 53 per cent. This is equivalent to £76,316 per household in the owner-occupied and private rented sectors.

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