UK house price rise at a six year low

A major mortgage lender has said the annual growth in UK house prices has slowed to its lowest rate for six years.

The Halifax, part of the Lloyds Banking Group, said prices rose by just 0.3% in November, compared to the same period last year.

Meanwhile house prices fell by 1.4% compared with October, with the average home now valued at £224,578.

Data from The Haliax shows the month-on-month change has fallen in three out of the last four months, with the quarter-on-quarter comparison showing the average value dropping by 1.1%.

Ben Furnell, Managing Director of Furnell Residential Estate Agents & Property Consultants, said: "These figures support our view that the property sector is going through an extremely challenging time.

"The on-going uncertainty over Brexit has definitely dented customer confidence and it appears that people are putting major decisions such as moving house on hold until the situation has been resolved."

One group who could benefit from the current market conditions is first time buyers, although significant deposits still present a major barrier to getting onto the property ladder.

Mr Furnell explained: "The slow rise in house prices should be good news for first time buyers. However they still need to be able to raise the deposit in order to proceed withn the purchase and this is not always easy."