House prices are rising at their slowest annual pace in six years, with growth falling from 1.5pc in October to 0.3pc in November, according to the latest figures from Halifax. On a monthly basis, house prices fell by 1.4pc, marking three monthly falls out of the last four. The average house price is now £224,578, around £3,000 cheaper than in October. Russell Galley, Halifax's managing director, said that while growth had fallen, it remained within the bank's forecast range of 0-3pc for 2018. "High employment, wage growth and historically low mortgage rates continue to make home ownership more affordable for many, though the need to raise a significant deposit still acts as something of a restraint on the market. "This is largely offset by a relatively limited supply of new and existing properties for sale, which continues to sustain house prices nationally," he said. Last month, rival lender Nationwide warned that the availability of homes in the property market was "pretty much at an all time low".
UK house prices grew by 0.3% in November YoY, compared to 1.5% the month before, marking their slowest growth in six years, according to data from Halifax. It revealed the average house price had slipped £3,000 ($3,782) to £224,578, with Halifax attributing the sluggish activity to a combination of Brexit and an all-time low in housing stocks. The figures came after Nationwide's index, which painted a slightly brighter picture, with house prices growing 1.9% in November compared to October's 1.6%.