House price growth slowest since 2013, says Halifax

10th March 2017

The annual rate of growth in UK house prices has slowed to its lowest pace in three and a half years, according to the Halifax, which has said prices increased by 5.1% in the year to February, the lowest since July 2013. It means the rate of house price inflation has halved in 11 months and that the average price is now £219,949. Martin Ellis, a housing economist at Halifax, said: "A sustained period of house price growth in excess of pay rises has made it increasingly difficult for many to purchase a home”. Separate research shows that the average London home has been going up in value by £105 a day since December 2011, when the average home in London cost £292,284. That figure now stands at £483,803. Westminster and Kensington & Chelsea, the areas with the fastest rising prices, saw values up more than £200 a day in the period, while values in Barking & Dagenham, the worst-performing location, grew by an average £69 per day.

The Times (07/03/2017)   Evening Standard (08/03/2017)