According to the latest data from Halifax, house prices in the three months leading to October are 5.2% higher than in the same period a year earlier.
Halifax their findings had confirmed that property sales have broadly stabilised in recent months. Though nonetheless, UK home sales in 2016 Quarter 3 (July to September) were 8% lower than in the same period last year, indicating an overall softening in activity.
Mortgage approvals have also steadied. The volume of mortgage approvals for house purchases – a leading indicator of completed house sales – increased in September; the first monthly rise for four months. Overall, the level of approvals appears to have broadly stabilised over the past three months albeit at a lower level than a year ago. Approvals in 2016 Quarter 3 were 12% lower than in 2015 Quarter 3.
Supply remains historically very low
The stock of homes available for sale was largely flat over the three months from July to September, but it remains around the lowest levels ever recorded.