The Halifax house price index shows the country’s properties just 0.9% more expensive than they were exactly one year ago. The average house price in the UK costs £232,249.
“This is the lowest growth seen in 2019”, says Russell Galley, managing director at Halifax. “It again extends the largely flat trend which has taken hold over recent months.”
Despite the slow growth, home sales are at their highest level since August 2017. Approximately 101,740 homes were sold in September, a 5% increase from August. Mortgage approvals are also on the up, the Bank of England reports, with 65,919 mortgages approved in September.
With a general election on the horizon, 2020 could be a prosperous year for the housing market. “Once the Brexit outcome is more settled”, said Mike Scott, Yopa’s chief property analyst, “it may then give a short-term boost to house prices.” On the other hand, a general election brings a lot of uncertainty with it. Alongside the Brexit uncertainty, it is hard to say when consumer confidence will be entirely restored.