Housing market stuck in mud as Halifax reports highest ever prices
The number of mortgage approvals is falling while Communities Secretary Sajid Javid's plans to reform the buying process are well intentioned but tepid
The housing market remains stuck in a pool of thick mud.
According to the Halifax, the UK’s largest lender, prices in the first quarter of 2018 were up by 2.7 per cent year on year, taking the average to a fresh record of £227,871, but they actually fell a bit in February and the outlook is cloudy at best.
Of more concern is that the number of approvals is low by historic standards, and falling, despite the lender arguing that a competitive mortgage market has made for home loans that are at their most affordable in a decade.
Read more UK house prices fall in February for first time since last May House price growth weakest in four years in May says Halifax House price growth hits three year low, but buyers still priced out MD Russell Galley referenced that fact in his comments on the latest Halifax House Price Index, noti..