UK house price growth slows further in October, says Halifax

UK house prices advanced at a 8.8% year-on-year pace in October, according to the latest data available from mortgage provider Halifax.

The consensus estimate had been for a rise of 9.1%.

House price growth has been slowing since the peak of 10.2% reached in July.

Commenting on the figures Martin Ellis, housing economist, highlighted how: “This was the third consecutive decline in the quarterly rate of increase and the smallest rise since December 2012. Annual price growth in the three months to October slowed to 8.8% from 9.6% in September.”

In comparison with the previous month house prices retreated by 0.4%, to reach £186,135.

Ellis also pointed out how mortgage approvals have been on a declining trend, with the fall in September marking a third successive monthly drop as well as a 14-month low.

The economy growing at a healthy pace should prop up demand, but concerns surrounding the impact of a hike in Bank Rate on monthly mortgage payments will likely curb buying intentions, the economist added.