House prices slipped last month, says Halifax

Prices fell 0.2% between October and November, taking the average value of a UK property to �204,552.
Prices fell 0.2% between October and November, taking the average value of a UK property to �204,552.
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House prices eased back during November and the quarterly rate of growth fell to its lowest level for a year, Halifax has reported.

Prices fell 0.2% between October and November, taking the average value of a UK property to £204,552.

While monthly changes can be volatile, the figures also showed that the quarterly rate of growth, which tends to give a good indication of underlying trends in the market, was the lowest since December 2014 - at 1.4%.

But year-on-year growth remained solid at 9% and Halifax said record low interest rates, together with the gap between supply and demand, was set to keep prices rising at a “robust” pace.

Martin Ellis, Halifax housing economist, said: “Solid economic growth, rising real earnings and falls in already very low mortgage rates have combined to stimulate housing demand this year.

“The increasingly acute imbalance between supply and demand is causing prices to rise at a robust pace. A situation that is unlikely to reverse significantly in the short-term.”