UK house-price gains cool to slowest since 2013: Halifax

[LONDON] UK house prices are growing at the slowest rate in more than six years, according to mortgage lender Halifax.

Values were 1.1 per cent higher in September from a year earlier, the lowest increase since April 2013, the mortgage lender said in a report Monday. On a monthly basis, prices fell 0.4 per cent, leaving the average price at £232,574 (S$395,000).

The report is the latest to show the shadow Britain's departure from the European Union has cast over the country's property market for the past three years. Still, despite the political uncertainty, low interest rates and higher wage growth are preventing a sharper downturn.

"Whilst this is lowest level of growth since April 2013, it remains in keeping with the predominantly flat trend we've seen in recent months," said Russell Galley, managing director at Halifax.

"Looking ahead, we expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists."

BLOOMBERG