LONDON (dpa-AFX) - UK house prices decreased for the first time in four months in September as concerns over potential tax increases weighed on the property market activity, the mortgage lender Halifax said Tuesday.
House prices fell 0.3 percent on a monthly basis, in contrast to the 0.2 percent increase in August. Prices dropped for the first time since May and confounded expectations for an increase of 0.2 percent.
The average property price in September stood at GBP 298,184. Year-on-year, house prices growth eased to 1.3 percent from 2.0 percent in August. This represented the slowest annual growth since April 2024.
'While affordability remains a challenge, a relatively lower mortgage rate environment and steady wage growth have helped support buyer confidence,' Halifax Head of Mortgages Amanda Bryden said.
'Although the broader economic outlook remains uncertain, with the affordability picture gradually improving, we continue to expect modest growth through the remainder of the year,' added Bryden.
The Bank of England had reduced the rate five times since August 2024, bringing it to the lowest since early 2023.
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