Halifax has today released it latest UK property house price index. The average house price in the UK in February 2018 was £224,353.
Halifax found that house prices in February were 1.8% higher than in February 2017. This is a slowdown when compared to last month of 2.2% up January 2017 to January 2018. In short, house prices actually fell.
Comparing Halifax’s December to February figures, house prices are actually down 0.7% despite a marginal pick in January to February of 0.4%.
House prices remain flat given uncertainty on Brexit, the economy and long awaited wage growth. Nearly 90,000 extra workers on the books since December means that demand is there which will drive wage inflation up and ultimately kick on to property in a couple of years’ time. Sit tight, you may see further falls but in the words of Mark Twain “Buy land, they are not making anymore”.