U.K. House Prices Post Weakest Growth This Year, Halifax Says

(Bloomberg) -- U.K. house prices posted their slowest growth this year in October, according to mortgage lender Halifax.

House prices gained 0.9% from a year earlier, bringing the average to 232,249 pounds ($299,000), Halifax said in a statement. On a monthly basis, prices fell by 0.1%.

Britain’s departure from the European Union has left the property market struggling for the past three years, though low interest rates and a strong labor market have prevented a sharp downturn.

“Activity levels and price growth will remain subdued while the U.K. navigates political and economic uncertainty,” said Russell Galley, managing director at Halifax. “A number of underlying factors such as mortgage affordability and wage growth continue to support prices, however there is evidence of consumers erring on the side of caution.”

To contact the reporter on this story: Jill Ward in London at jward98@bloomberg.net

To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Brian Swint, David Goodman

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