Halifax HPI shows increase slowing

Halifax HPI

Halifax October HPI sees a continued increase in the average house price, albeit a fall back in against the increases seen over the recent months.

Key Figures:

  • Average house prices in the 3 months to October 2013 were 1.6% higher than in the previous quarter (May to Jul).

  • This represented the smallest increase since May, which was also 1.6%, with recent months seeing quarterly rises of 2.0 to 2.1%

  • The yearly change is 6.9% against the same three month period last year, continuing the upward trend in the annual rate of change

  • The monthly increase in house prices is 0.7% in October and was the 9th consecutive monthly increase. The Average house price is therefore now £171,991, although this is seen as significantly below the August 2007 peak.

Commenting, Martin Ellis, housing economist, said:

“House prices in the three months to October were 1.6% higher than in the previous three months; this rate is below the increases of 2.0-2.1% recorded in each of the previous four months. Despite the slowdown in the quarterly rate, the annual rate continued to rise with prices in the three months to October 6.9% higher than in the same three months last year.

“Demand has increased this year, putting upward pressure on house prices and increasing levels of activity. Low interest rates, and higher consumer confidence supported by the increasing evidence that a sustainable economic recovery may now be underway, are helping to increase housing demand. Schemes, such as Funding for Lending and Help to Buy, also appear to have boosted demand.

 “Despite increases in the past year both house prices and sales remain below the levels reached at the height of the last housing market cycle in 2006/2007. Sentiment towards selling has also improved in recent months in response to the pick-up in the market, which should help to increase the availability of properties on the market over the coming months.”

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