British House Price Growth Hits 6-year Low

British house price growth hits 6-year low

British house price recorded a growth of 0.3 percent in the three months to November, the slowest over the last six years, according to data released Friday by Halifax, a British bank.

LONDON,(Pakistan Point News - 7th Dec, 2018 ) :British house price recorded a growth of 0.3 percent in the three months to November, the slowest over the last six years, according to data released Friday by Halifax, a British bank.

"This is the lowest rate of growth in six years," said Russell Galley, managing director of Halifax, adding that "it remains within our forecast range of 0 percent to 3 percent for 2018." According to the report of house price index, the annual growth rate of property price was 1.5 percent in October.

Regarding the quarterly figures, the latest September-November quarter growth rate was 1.1 percent, also lower than the previous three months.

On a monthly basis, the average house price in November dropped by 1.4 percent to 224,578 Pounds, which kept the quarterly decline.

Russell noted that Britain's house buyers were still affordable for the variety of purchases due to high employment, wage growth and historically low mortgage rates, though a huge deposit was the main restraining factor.