Annual house price growth at six year low – Private Finance comments on ONS House Price Index
Shaun Church, Director at Private Finance comments:
“Annual house price growth remains minimal at less than one per cent, matching last month’s low which was the smallest house price increase seen in more than six years1. This is symptomatic of today’s subdued housing market and is driven by falling house prices in the South, with the capital experiencing the most notable decline in annual growth.
“The news will come as a welcome change for first-time buyers, particularly those who have been priced out of areas like London where annual house price growth reached as high as 21% just five years ago2. Today’s reversing trend is arguably a correction of previous price hikes, and when combined with the record low mortgage rates currently on offer, paints an improving picture of affordability for new buyers.”
“Homeowners outside of the South of England are still enjoying an uplift in the value of their properties, demonstrating most areas of the market remain resilient even in the face of growing political and economic uncertainty.”
Kindly shared by Private Finance