UK house prices down 3% in January after a stagnant 2018, says Halifax
British annual house price growth has cooled yet again in January, as Brexit continues to weigh heavy on the UK housing market, according to mortgage lender Halifax.
![UK House Prices](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/ig_trading_floor_2.jpg/jcr:content/renditions/original-size.webp)
UK property prices have seen ‘next to no movement’ over the last year, with annual house price growth of just 0.8%, according to the latest Halifax house price index.
Despite a 2.5% rise in house prices in December, the property market took a major hit in January to kick start what is likely to be a tough year for the UK housing market, with prices decreasing by 2.9%.
‘Attention will no doubt be drawn towards the monthly fall of 2.9% from December to January, the second time in three years that we have seen a drop as a new year starts,’ Halifax Managing Director Russell Galley said. ‘However, the bigger picture is actually that house prices have seen next to no movement over the last year, with annual growth of just 0.8%.’
‘This could either be viewed as a story of resilience, as prices have held up well in the face of significant economic uncertainty, or as a continuation of the slow growth we’ve witnessed over recent years,’ he added.
Brexit weighs heavy on British housing market
With the March 29 Brexit deadline looming large, this year promises to be a challenging one for the UK housing market, with the sector unsure how severe Britain’s departure from the bloc will be on the house prices.
‘There’s no doubt that the next year will be important for the housing market with much of the immediate focus on what impact Brexit may have,’ Galley said. ‘However, more fundamentally it is key underlying factors of supply and demand that will ultimately shape the market.’
Halifax House Price Index: key figures
Prices in the three months to January were 0.8% higher than in the same three months a year earlier – down from the 1.3% annual growth rate recorded in December, according to the mortgage lender.
Meanwhile, the data showed that house prices in the latest quarter (November-January) were 0.6% lower than in the preceding three months (August - October).
On a monthly basis, house prices decreased by 2.9% in January, following a 2.5% rise in December, with the average house price is now £223,691
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/ContentImage/img4.jpg/jcr:content/renditions/original-size.webp)
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices