The annual rate of growth in UK house prices has slowed to its lowest pace in three and a half years, according to the Halifax.
The UK’s largest mortgage lender said prices increased by 5.1% in the year to February, the lowest since July 2013.
It means the rate of house price inflation has halved in just 11 months.
In March last year, house prices were increasing by 10% a year, according to the Halifax measure. The average price is now £219,949.
The lender said the reason for the slowdown was affordability.
“A sustained period of house price growth in excess of pay rises has made it increasingly difficult for many to purchase a home,” said Martin Ellis, Halifax’s housing economist.
Read More: http://www.bbc.com/news/business-39184583
Source: CNN.com (07 March 2017)