Annual house price growth slows to a near halt, says Halifax

Annual house price growth has slowed to a near halt, according to Halifax’s latest house price index.

Figures from the lender show house prices rose by just 0.1% in April compared to the same period last year.

This is the slowest annual growth since December 2012. Annual growth has fallen repeatedly from double digits last summer to 4.6% in November, 2.1% in February and 1.6% in March.

The figures also show month-on-month prices fell by 0.3% following three consecutive periods of growth.

However, there was some cause for optimism as figures for the quarter rose compared to the previous period for the first time in six months.

Kim Kinnaird, director of Halifax Mortgages, said: “Alongside a market-wide uptick in mortgage approvals, these latest figures may indicate a more steady environment.

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“However, cost of living concerns remain real for many households, which will likely continue weigh on sentiment and activity. Combined with the impact of higher interest rates gradually feeding through to those re-mortgaging their current fixed-rate deals, we should expect some further downward pressure on house prices over course of this year.”

The most recent index by Rightmove last month showed house prices increased 0.2% month-on-month, lower than the average 1.2% rise for this time of year.