Property prices in UK increases with average price over £214,000 in September

nottinghamResidential property prices in the UK have increased by 0.1% in September, taking the average price of a home to over £214,000. According to the Halifax data, However there was a slight quarter on quarter fall of 0.1% although prices are still up 5.8% compared to a year ago, down from 6.9% in August.

Martin Ellis, the Halifax’s housing economist, says: “The quarter on quarter change is a more reliable indicator of the underlying trend. The housing market has followed a steady downward trend over the past six months with clear evidence of both a softening in activity levels and easing in house price inflation. A lengthy period where house prices have risen more rapidly than earnings has put pressure on affordability, therefore constraining demand. Very low mortgage rates and a shortage of properties available for sale should, however, help support price levels over the coming months.”

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