Homeowners who are looking to sell their property have been told there has been a slowdown in house price growth over the last year.
According to the latest House Price Index from Halifax, property values in the three months leading to January 2018 were 2.2 per cent greater than they were during the same period in 2017.
While this still shows an increase in property values, it is lower than the annual price growth in December at 2.7 per cent.
Commenting on the figures, managing director at Halifax Community Bank Russell Galley noted this is the lowest annual price rate since July 2017.
“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,” he stated.
This growth decline could encourage home sellers to add value to their properties by considering exterior house painting. This would make their home more appealing to prospective buyers and give it an advantage over other houses on the market, making it more saleable.
At the end of 2017, Halifax released its UK Housing Market Outlook for 2018, which predicted there would be broad stability in the sector this year.
It estimated that annual house price growth would reach three per cent by the end of 2018, due to inflation increasing fasting than wage growth and sustained pressure on household finances.
However, a lack of properties for sale, low interest rates and low levels of new build houses will balance this out to support house price growth.
According to the latest House Price Index from Halifax, property values in the three months leading to January 2018 were 2.2 per cent greater than they were during the same period in 2017.
While this still shows an increase in property values, it is lower than the annual price growth in December at 2.7 per cent.
Commenting on the figures, managing director at Halifax Community Bank Russell Galley noted this is the lowest annual price rate since July 2017.
“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,” he stated.
This growth decline could encourage home sellers to add value to their properties by considering exterior house painting. This would make their home more appealing to prospective buyers and give it an advantage over other houses on the market, making it more saleable.
At the end of 2017, Halifax released its UK Housing Market Outlook for 2018, which predicted there would be broad stability in the sector this year.
It estimated that annual house price growth would reach three per cent by the end of 2018, due to inflation increasing fasting than wage growth and sustained pressure on household finances.
However, a lack of properties for sale, low interest rates and low levels of new build houses will balance this out to support house price growth.
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