Halifax House Price Index (HPI) April 2017 released today headlines ‘Annual house price growth unchanged at 3.8%’.
The report states: House prices fell by 0.1% between March and April. There has been virtually no change in prices over the past three months.
House prices in the three months to April were 3.8% higher than in the same period a year ago. Prices in the three months to April were 0.2% lower than in the preceding quarter.
Martin Ellis, Halifax housing economist, said: “House prices have stagnated over the past three months. Overall, prices in the three months to April were marginally lower than in the preceding three months; the first quarterly decline since November 2012. The annual rate of growth remained at 3.8% in April, the lowest rate since May 2013.
“Housing demand appears to have been curbed in recent months due to the deterioration in housing affordability caused by a sustained period of rapid house price growth during 2014-16. Signs of a decline in the pace of job creation, and the beginnings of a squeeze on households’ finances as a result of increasing inflation, may also be constraining the demandfor homes.
“Continuing very low mortgage rates, together with an ongoing acute shortage of properties for sale, should nonetheless underpin house prices over the coming months”.
Read the Halifax House Price Index (HPI) April 2017 report in full click here.