House price growth slows again

The rate of house price growth has declined for four consecutive months to November, the Halifax house price index has revealed.

Prices rose by 0.4% monthly and 0.7% quarterly to stand at £186,941.

On an annual level house price growth stands at 8.2% to November, down from 8.8% to October.

Martin Ellis, housing economist, said: "Receding buyer interest combined with a revival in private housing completions has brought supply and demand into better balance.

"These factors have in turn contributed to the easing in house price growth since the summer.

"But housing demand continues to be supported by a strengthening economy, rising employment levels, still low mortgage rates and the first gain in ‘real' earnings for several years.

"We expect a further moderation in house price growth over the next year with prices nationally expected to increase in a range of 3-5% in 2015."