Property owners might want to wait a while before putting their home on the market, after recent figures have shown house prices are remaining relatively flat.
According to the latest statistics from Halifax’s House Price Index, the average cost of a property in the UK was £232,574 last month. This is a decline of 0.4 per cent from August, which was balanced out by a rise of the same amount over the previous quarter.
It also represents an annual change of 1.1 per cent, which is significantly lower than the two per cent growth rate between September 2017 and September 2018.
Russell Galley, managing director at Halifax, said: “Whilst this is [the] lowest level of growth since April 2013, it remains in keeping with the predominantly flat trend we’ve seen in recent months.”
According to previous data, annual house price growth has remained under two per cent since April 2019, though September’s figure is the lowest so far this year.
Mr Galley went on to say: “Underlying market indicators, including completed sales and mortgages approvals, continue to be broadly stable.”
However, prices are not likely to rise greatly while “economic uncertainty persists” and the outcome of Brexit is revealed. Homeowners currently do not know the conditions by which the UK will leave the European Union, and what repercussions this could have on their house price.
This explains why most of us are reluctant to put our property on the market, with 59 per cent of Londoners favouring improving their home rather than moving, Homes & Property recently reported.
A survey by Post Office Money found that 46 per cent of respondents planned on renovating their house for their own enjoyment, as opposed to increasing its value.
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