Annual house price growth slowdown in August

largeHouse price growth decreased from 8.4% in July to 6.9% in August, continuing a downward drift from March. According to Halifax’s house price Index, annual house price growth slows down to 6.9% in August.  The volume of mortgage approvals for house purchases have fell by 5% between June and July.

Martin Ellis, Halifax housing economist, says: “House price growth continued the trend of the past few months in August with a further moderation in both the annual and quarterly rates of increase. The reduction in house price growth comes amidst a slight fall in property sales. The slowdown in the rate of house price growth is consistent with the forecast made at the end of 2015. Increasing difficulties in purchasing a home as house prices continued to increase more quickly than earnings were expected to hold back demand, decreasing house price growth.”

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