Buyers poised to swoop as house prices stay flat

Flat house prices this autumn are the best possible news for buyers keen to secure a good deal.

The Halifax’s monthly house price index showed that prices are only 0.9 percent higher than a year ago.

But, crucially, prices fell month on month, a visible sign of the uncertainty in the UK property market.

Autumn fall in prices

The Halifax data is backed up by HM Land Registry’s monthly house price index, which showed that average house prices have fallen by 0.2 percent since August.

The Government’s index points to an annual price rise of 1.3 percent, slightly above the figure from the Halifax.

In general, however, all the data points to flat prices – bad news for sellers but a boon to home buyers.

Uncertainty in market

Russell Galley, Halifax managing director, said: “While this is the lowest growth seen in 2019, it again extends the large flat trend that has taken hold over recent months.

“A number of underlying factors such as mortgage affordability and wage growth continue to support prices. However, there is evidence of consumers erring on the side of caution.

“We remain unchanged from our view that activity levels and price growth will remain subdued while the UK navigates political and economic uncertainty.”