Property price growth slows in April

Property price growth slows in April

The latest House Price Index published by high street bank Halifax has revealed that property price growth slowed by 0.5 per cent in the three months to April.

According to the data, property prices grew by 2.2 per cent over the period, down significantly on the 2.7 per cent recorded during the same three month period last year.

Month-on-month, values were down by 3.1 per cent, with the average house prices sitting at £220,962 – down from the £228,102 recorded in March.

However, the research reveals that year-on-year, property prices were still up by £561.

Russell Galley, Managing Director of Halifax, said that demand for UK homes had noticeably “softened” this year, with analysts recording falls in both the number of mortgages approved and the number of property sales moving towards the completion stage.

“Housing supply – as measured by the stock of homes for sale and new instructions – is also still very low,” he said.

“However, the UK labour market is performing strongly with unemployment continuing to fall and wage growth finally picking up.

“These factors should help to ease pressure on household finances and as a result, we expect annual price growth will remain in our forecast range of between zero and three per cent this year,” he added.