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Annual development in UK home costs slowed to its lowest price for six years with property values barely modified from a yr in the past, a significant lender has stated.

The Halifax, a part of Lloyds Banking Group – the UK’s greatest mortgage lender, stated costs rose by zero.three% in November in contrast with a yr earlier.

Home costs fell by 1.four% in contrast with October, with the common dwelling now valued at £224,578.

Analysts say financial uncertainty has held the UK housing market in test.

Halifax’s information exhibits the month-on-month change has now proven a fall in three out of the previous 4 months. The much less unstable quarter-on-quarter measure additionally confirmed the common worth dropping, by 1.1%.

This would possibly usually be thought to be excellent news for first-time patrons who don’t need to see costs transfer additional out of attain.

Nonetheless, Russell Galley, managing director on the Halifax, stated that there have been nonetheless affordability points for this group.

“Excessive employment, wage development and traditionally low mortgage charges proceed to make dwelling possession extra reasonably priced for a lot of, although the necessity to increase a big deposit nonetheless acts as one thing of a restraint in the marketplace,” he stated.

Comparatively few properties have been being put in the marketplace, he added.

Mike Scott, chief property analyst at property agent Yopa, stated: “This means that the standard Christmas slowdown within the housing market has began early this yr, as folks await the result of the present political turmoil earlier than making long-term commitments, akin to shopping for a brand new dwelling.”

The figures come shortly after rival lender, the Nationwide, reported that the market was “subdued”.

Each lenders base their figures on their very own mortgage information, though the way in which they file year-on-year modifications is barely totally different. The Nationwide compares the 2 corresponding months, whereas the Halifax compares a three-month rolling common.

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