Why Are We Slumping?

House prices have recently hit a rough patch with the latest studies suggesting that we are experiencing the lowest price growth in six years.

The latest figures from Halifax are showing that yearly growth has dropped 1.5% in October to 0.3% in November this being the lowest figure since 2012.

The numbers continue to make glum reading for the market as the monthly property prices fell by 1.4% between October and November the average UK house now standing at £224.578 this being the lowest price since April of this year.

Potential new homeowners will benefit the most along with wage growth and high employment and the lower rates this leaves making home ownership more of a reality especially first time buyers.

Along with the plummeting rates the predictable Christmas slowdown has begun hitting the country a lot earlier than usual. The unpredictability of the current political climate has resulted in people holding off making any long-term commitments in the back end of the year.  

Lenders are refusing to be discouraged by the latest figures and will continue to broker deals even in the face of uncertainty.  Remaining consistent and offering highly competitive rates with the strong feeling that in the New Year things will do a 180 with prices picking back up once again. 

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