Take a look at the figures…
According to Halifax, the annual house price growth for the UK has slowed to its lowest pace in three and a half years.
Prices increased by 5.1 per cent in the year to February, this is the lowest since July 2013.
This also means that the rate of house price inflation has halved in just 11 months.
According to Halifax, in March last year house prices were increasing by 10 per cent a year. The average house price currently sits at £219,949.
Martin Ellis, Halifax’s housing economist, said: “A sustained period of house price growth in excess of pay rises has made it increasingly difficult for many to purchase a home,”
“This development, together with signs of reduced momentum in the jobs market and squeezed consumer spending power, is expected to curb house price growth during 2017.”