The latest numbers from Halifax today show that UK property values have continued to cool month on month, with a drop of 0.1%, down 0.3% quarterly. This will come as welcome news for the UK’s aspirational buyers struggling to get a foot on the ladder, although annually house prices are still up 3.8% on this time last year.
The eMoov CEO, Russell Quirk, was on hand to provide commentary on the latest industry data and highlight that although the market continues to cool, there is no need for UK homeowners to panic.
Another slight decline in the rate of house price growth on a monthly basis would suggest that the UK market has begun to naturally adjust after a long period of sustained inflation.
We’ve seen an abundance of buyer demand and a lack of sufficient stock heat the market and it would seem that it is finally beginning to level out. This slow may also be due to a number of other influential factors such as the uncertain political landscape and, it will be interesting to see if the market bounces back over the coming months.
That said, sellers are still seeing the price of their property increase annually and this slow in price growth will no doubt be welcomed by those struggling to get on the ladder due to the price of UK property.Russell Quirk