House price growth falls to five-year low
House prices are rising at their slowest annual pace in five years, with growth falling from 2.5pc in September to 1.5pc in October, according to the latest figures from Halifax.
The figures mirror those released by mortgage lender Nationwide last week that showed growth had fallen from 2pc in September to 1.6pc in October, far below the 2pc-3pc range recorded over the previous 12 months.
Halifax’s house price index is based on homes bought with mortgages, excluding council house sales, shared ownership and help-to-buy schemes, while Nationwide’s is based on owner-occupier house purchase transactions involving a mortgage. Buy-to-let and cash deals are not counted.
Halifax found that on a monthly basis, house prices rose marginally by 0.7pc in October, following two consecutive monthly falls. The average house price is now £227,869.