The latest index from the Halifax shows a slow but steady increase of 0.9% annually, although this is the lowest rate of growth so far this year.
Russell Galley, Managing Director, Halifax, said:
“Average house prices continued to slow in October, with a modest rise of 0.9% over the past year. While this is the lowest growth seen in 2019, it again extends the largely flat trend which has taken hold over recent months.
“A number of underlying factors such as mortgage affordability and wage growth continue to support prices, however there is evidence of consumers erring on the side of caution.
“We remain unchanged from our view that activity levels and price growth will remain subdued while the UK navigates political and economic uncertainty.”
Director of Benham and Reeves, Marc von Grundherr, commented:
“Perhaps a tad predictable that as we receive yet another Brexit based encore from Westminster, the UK housing market also delivers the lowest rate of house price growth so far this year.
Political uncertainty seems to be sucking any seasonal lifelines from the current property landscape with no signs of an Autumn bounce and, with Brexit repacked and on hold until December, it’s unlikely we will see a Christmas miracle to help revive market activity either.
However, while home sellers hold tight and choose to revel in seasonal festivities rather than enter the property mix, the UK housing market will remain dormant but defiant, until such time we chisel away the ice of political uncertainty. At which point the slow but consistent levels of growth seen this year will start to accelerate once again.”