Slowing house prices a bonus for 1st-time buyers

House price growth in the UK is at its slowest rate in six years, with first-time buyers poised to take advantage.

The monthly House Price Index compiled by the Halifax shows that November prices rose by 0.3 percent on the same month a year earlier. But prices actually fell by 1.4 percent compared to November sold values.

First-time buyers looking to get on the housing ladder are now in a good place to bag their first home as prices stay within their grasp, while the various Help to Buy schemes give them wider options for deposits and shared ownership.

Russell Galley, the Halifax’s managing director, said: “House price growth has slowed as we approach the end of the year, falling from 1.5 percent in October to 0.3 percentin November, with the average cost of a home now £224,578.

“While this is the lowest rate of growth in six years, it remains within our forecast range of 0 percent to 3 percent for 2018. 

“High employment, wage growth and historically low mortgage rates continue to make home ownership more affordable for many, though the need to raise a significant deposit still acts as something of a restraint on the market.

“This is largely offset by relatively limited supply of new and existing properties for sale, which continues to sustain house prices nationally.”