In the three months to April, prices fell 0.2 percent
compared with the previous three months, lender
Mortgage approvals fell to a six-month low in March, according to the Bank of England. Halifax said that in the three months through April, prices rose 3.8 percent compared with a year earlier, less than half the 10 percent rate reached in early 2016.
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Huge gains in house prices in recent years, a time of weak wage growth have pushed home ownership out of reach for many, which Halifax says has curbed demand. Still, with shortage of supply also an issue in the UK market, that’s providing some support to prices.
“Signs of a decline in the pace of job creation, and the beginnings of a squeeze on households’ finances as a result of increasing inflation, may also be constraining the demand,” said Halifax housing economist Martin Ellis.