trending Market Intelligence /marketintelligence/en/news-insights/trending/gb-e1635zofpnpjiqp8kxg2 content esgSubNav
In This List

Halifax: UK annual house price growth declines in January

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Halifax: UK annual house price growth declines in January

U.K. house prices increased at an annual rate of 2.2% in January, down from the 2.7% growth in December 2017, mortgage lender Halifax said.

In monthly terms, January house prices dipped 0.6%, compared with a 0.8% drop the prior month. Prices in the three months to January recorded zero growth, compared with the 1.3% gain in the three months to December 2017.

The average house price in the first month of 2018 stood at £223,285, down from £224,540 in the previous month, Halifax said.

"Annual house price rises have slowed from 2.7% in December to 2.2% in January — the lowest rate since July last year. We've seen a monthly decline as well as the quarterly rate of growth flattening out," said Halifax Community Bank Managing Director Russell Galley. "Although employment levels grew by 102,000 in the three months to November, household finances are still under pressure as consumer prices continue to grow faster than wages. Additionally, it's still too early to see any impact for first-time buyers from the abolition of stamp duty on purchases of up to £300,000, which was announced in the November Budget."

Very low mortgage rates combined with an ongoing acute shortage of properties for sale will continue to underpin house prices over the coming months, he said.