The price of an average UK house fell further in September, according to the Halifax index, as the country’s house price correction continues.
The average price of a home is now £278,601, representing a 0.4 per cent fall in September, following a 1.8 per cent decrease the previous month, Halifax said.
It is the sixth consecutive monthly fall, leaving prices 4.7 per cent lower compared to a year earlier, it said.
The typical UK home price is now around the level seen early last year but around £39,000 above pre-pandemic levels, Halifax said.
Although prices have fallen in recent months, experts say the drop represents more of a slow puncture than a major correction.
In another index by Nationwide, British house prices were more than 5 per cent lower in September compared to a year earlier, matching a fall the previous month which represented the biggest annual drop since 2009.
But in month-on-month terms, prices were the same in September after a 0.8 per cent fall in August, the lender said.
It estimated the average price of a home remained unchanged at £257,808 after two months of falls.
However, both Halifax and Nationwide said recent falls in mortgage rates give reason to believe the housing market is heading for more stability.
“This was a sixth consecutive monthly fall, though the pace of decline slowed markedly compared to August,” said Kim Kinnaird, Halifax mortgages director.
“However, with base rate now likely to be at or around its peak, we are seeing fixed rate mortgages deals ease back from recent highs.
“Wage growth also remains strong, which has helped with affordability, with the house price to income ratio now at its lowest level since June 2020.”
However, on Thursday Bank of England deputy governor Ben Broadbent warned of “clear signs” that interest rate rises are dragging on the UK economy and causing unemployment to pick up.
He said economic indicators sensitive to higher interest rates, including spending on consumer durable goods and housing investment, have “weakened quite a lot”.
“There are now reasonably clear signs that monetary policy tightening is having some effect, not least in the shape of demand in the UK,” he said at the European Central Bank conference on monetary policy.
“Even in aggregate, we’ve seen weaker demand growth and the beginnings at least of some rise in unemployment.”
His comments came after the Bank of England halted its most aggressive tightening cycle in over three decades last month after seeing signs of the economy beginning to weaken.
Mr Broadbent was one of five rate-setters in the majority of the divided Monetary Policy Committee to back leaving rates at 5.25 per cent, even though inflation remains triple the Bank’s target and wages are rising rapidly.
He expects inflation to fall back to the 2 per cent target within two years and says rate rises so far are beginning to bite.
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Courtesy: Crystal Intelligence
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ZAYED SUSTAINABILITY PRIZE
OPTA'S PREDICTED TABLE
1. Liverpool 101 points
2. Manchester City 80
3. Leicester 67
4. Chelsea 63
5. Manchester United 61
6. Tottenham 58
7. Wolves 56
8. Arsenal 56
9. Sheffield United 55
10. Everton 50
11. Burnley 49
12. Crystal Palace 49
13. Newcastle 46
14. Southampton 44
15. West Ham 39
16. Brighton 37
17. Watford 36
18. Bournemouth 36
19. Aston Villa 32
20. Norwich City 29
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Read more from Kareem Shaheen
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
Sri Lanka v England
First Test, at Galle
England won by 211
Second Test, at Kandy
England won by 57 runs
Third Test, at Colombo
From Nov 23-27
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