Early autumnal easing in house price growth

The Halifax House Price Index (HPI) states house prices have dropped by 0.9% between August and September whilst the annual change this quarter (July-September) lessened from 9% to 8.6%. The summer market was busy with UK home sales in the three months to August increasing by 6.5% compared to the preceding three months while August mortgage approvals increased by 3% - their highest rates since January 2014.

Prospective buyers may be interested in Prime Minister David Cameron’s announcement to turn 'generation rent into generation buy' through relaxing planning laws that aim to boost home ownership and kick-starting a nationwide increase in house building – a timely declaration as RICS (Royal Institution of Chartered Surveyors') reports a new record low of home supply for the third consecutive month. There is also good news for flat owners as Halifax HPI figures show that the average value over the last 10 years has increased by an impressive 60%, compared with 21% for detached homes and 28% for bungalows.