New figures show very little movement of house prices, which is good news for buyers attempting to step on to the property ladder, one mortgage expert said today.
According to data released by the Halifax House Price Index for February prices have risen slightly in the last month, increasing by 0.4%.
Over the last three months, however, they have dipped by 0.7% and over the last year house price growth has slowed to 1.8%. It means the average house price in the UK now stands at £224.353.
Halifax has described the movement as ‘flat’, revealing the annual rate of growth had slowed from 2.2% in January to 1.8% in February – the slowest rate to be recorded since March 2013.
But Danny Belton, head of lender relationships at Legal & General Mortgage Club said steadier house price growth was welcome news to those looking to get onto the property ladder.
He added: “Couple this with the near record low mortgage rates the market is currently experiencing, first-time buyers are in a good position to become homeowners.”
Meanwhile Jeremy Leaf, north London estate agent and former chairman of the Royal Institution of Chartered Surveyors (RICS), said the figures were in line with what industry professionals were seeing on the ground.
He added: “There are more listings and viewings but a reluctance to make an offer until clear direction of travel for the market can be established, with buyers and sellers negotiating hard.
“We don’t expect this pattern to alter very much over the next few months unless there is a Brexit breakthrough.”
Russell Galley, managing director of Halifax, offered his outlook for the months ahead. He said: “While we expect price growth to remain low, the mortgage rate environment, combined with an ongoing shortage of properties for sale, should continue to support house prices over the coming months.”
