House Prices in the UK are Rising at a Slow Pace

house prices

The house prices in the UK are rising at a slower pace since 2013. This is a sign how Brexit is weighing on the housing market says Mortgage Lender Halifax.

After a rise of 1.8 percent in August, the prices then rose 1.1percent on a year on year basis.

House prices fell 0.4 percent after the rise in August which was about 0.2percent.

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After the Brexit referendum in 2016, the house prices growth has slowed down. At the time, the Halifax index was showing a growth of about eight percent but now the prices have started falling in the UK and also in some neighboring areas.

According to a survey which came out last week from one of a mortgage lender, showed that the house price growth has fallen down to an 8 month low in September.

The chief economic adviser to the EY ITEM club consultancy said that as the economy is largely struggling and the outlook looks a little uncertain, we must have a belief that the house prices will remain flexible in the near term.

As the UK is due to leave the EU Brexit future remains doubtful. Whether it could leave with a deal or without it, or don’t leave at all.

The economic indicators are indicating a protracted slowdown and also there are chances of recession.

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