House price growth slumps to five-year low

House price growth slumps to five-year low

UK house price growth has fallen to its lowest level in more than five years amid concerns about a no-deal Brexit and further interest rate increases.

Halifax reported house prices in the three months to October were 1.5 per cent more than in the same quarter a year earlier.

This meant the market slowed from the 2.5 per cent annual growth recorded in September to record the lowest rate of growth since March 2013.

House prices in the three months to the end of October were just 0.2 per cent more than the previous quarter, the Halifax house price index showed.

Lucy Pendleton, founder director of independent estate agents James Pendleton, said the most sluggish rate of growth for more than half a decade mirrored what was being witnessed on the high street.

Ms Pendleton said: "The sense of urgency with which people are adjusting their prices has increased.

"Discounts of £200,000 on homes over a million were rare six months ago but are now not

However Kevin Roberts, director of the Legal & General Mortgage Club, said the news was
encouraging for first-time buyers.

Mr Roberts said: "More sustainable house price growth, an extension of Help to Buy and a stamp duty exemption for Shared Ownership properties puts our young people in a much stronger position to buy their first home."