UK House Prices Fall At Slower Pace: Halifax

UK house prices dropped at a slower pace in October, data from the Lloyds Bank subsidiary Halifax and IHS Markit showed on Thursday.

House prices fell 0.1 percent in October from the previous month, when prices were down 0.4 percent.

In three months to October, house price inflation halved to 0.2 percent from 0.4 percent in three months to September. On a yearly basis, house prices gained 0.9 percent.

While the annual growth was the lowest growth seen in 2019, it again extends the largely flat trend which has taken hold over recent months, Russell Galley, managing director at Halifax, said.

Although a number of underlying factors such as mortgage affordability and wage growth continue to support prices there was evidence of consumers erring on the side of caution, Galley noted.

"We remain unchanged from our view that activity levels and price growth will remain subdued while the UK navigates political and economic uncertainty," said Galley.

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