Annual growth to its lowest level since June last year
House prices have fallen for the last two months running, according to the UK’s largest lender Halifax.
According to Halifax, there has been a continuing decline in new properties coming to market while house prices have been plunging by 0.6 per cent in January, and by 0.8 per cent in December. It is the first time prices have fallen for two months in a row since just after June 2016’s Brexit referendum.
“Despite the recent rise in the Bank of England base rate, mortgage rates are still very low”, said Russell Galley of Halifax Community Bank, adding: “This, combined with an ongoing acute shortage of properties for sale, will continue to underpin house prices over the coming months.”
However, on an annual basis the Halifax said the cost of homes was still rising by 2.2 per cent.