uk property

House price growth at slowest rate in five years

House prices have increased at their slowest rate since March 2013 at just 1.5% higher than last year, according to latest figures from Halifax.

Property prices slowed from 2.5% annual growth in September to 1.5% in October, with the average house price now standing at £227,869.However, on a monthly basis, property prices went up slightly – by 0.7% – in October.

This mirrors Nationwide's house price index earier this week, which also revealed a five-year low as the squeeze on household budgets and Brexit uncertainty continue.

What will Brexit mean for UK residential property?

One headline said it all: ‘Brexit is now the single biggest wor­ry for the property industry’. A mid-June survey of owner-occupiers, landlords, property investors and insolvency prac­titioners by auctioneers John Pye Property found that 38 per cent identify uncertainty around Brexit as the biggest challenge affecting the property sec­tor, with other factors including higher taxation and stricter bank lending trailing behind.

The top ten areas where £1m-plus houses sell fastest

The property portal reports that £1 million-plus homeowners in Cambridge are, on average, selling their homes in just 45 days while property owners in Edinburgh and Harpenden in Hertfordshire, are also witnessing quick sales, typically taking just 53 days to sell. Bristol is also popular with buyers, who are snapping up homes in just 54 days.

Other towns in the top 10 fastest selling list are: Brixton in south London, Hackney in east London, Golders Green in north London, St Albans, Winchester, and Woking.