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UK house price growth slowing, says Halifax

From BBC - December 7, 2017

The growth in UK house prices is continuing to slow, according to the country's largest lender, the Halifax.

It said average prices rose by 3.9% in the year to the end of November, down from 4.5% in October.

And it warned that growth is likely to ease further in the longer term, as wages fail to keep pace with inflation.

Some commentators also said that the Halifax figures were out of kilter with other indicators, which suggest prices rises are even more modest.

Last week, rival lender Nationwide said prices had risen by just 2.5% over the past year, which is lower than the rate of general inflation.

According to the Consumer Prices Index (CPI), the cost of living rose by 3% in the year to October.

'Imbalance'

The average house or flat in the UK is now selling for 226,821, the Halifax said.

"The imbalance between supply and demand continues to support house prices, which does not look like changing in the near future," said Russell Galley, the managing director of Halifax Community Bank.

However, he added that house price growth was likely to slow in the long term.

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