The rate at which house prices are increasing is continuing to fall, and is now at the lowest level since December 2012.
According to Halifax’s latest House Price Index, the annual change in property values between November 2017 and 2018 was 0.3 per cent, dramatically dropping from a 1.5 per cent growth in October.
Additionally, house prices actually declined in value over the quarter leading to November, falling by 1.1 per cent from September 2018.
Managing director for Halifax Russell Galley stated: “While this is the lowest rate of growth in six years, it remains within our forecast range of zero per cent to three per cent for 2018.”
This average cost of a property in the UK was £224,578 in November, which could be an achievable amount for some first-time buyers (FTBs) to pay. Indeed, with house price growth continuing to slow down, this could make it easier for FTBs to get on the property ladder and fulfil their dream of getting the keys to their own place.
Mr Galley added that low property values are not the only thing helping FTBs at the moment, stating: “High employment, wage growth and historically low mortgage rates continue to make home ownership more affordable for many.”
This reflects recent figures from UK Finance, with its latest Mortgage Trends Update revealing the greatest number of FTBs completed on property transactions in August since June 2017.
With 35,000 FTBs buying their first home during the summer, this is two per cent higher than 12 months before.
If you are moving shortly, do not forget to arrange furniture sliders to help move your belongings to your new abode.