Latest data released by Halifax - 7 May 2020
- Prior 0.0%
- House prices +2.6% y/y
- Prior +3.0%
Slight delay in the release by the source. Halifax notes that housing market conditions are starting to ease with market activity grinding to a near standstill amid the limited number of transactions due to the lockdown restrictions in the UK.
"It will not be until after lockdown restrictions are eased that we will get a sense of the new temporary normal conditions for the housing market. Social distancing raises new challenges for home viewings and valuations and this will require the industry to adapt to build and maintain consumer confidence. More immediately, we are likely to see some considerable movement in activity levels as buyers and sellers seek to kick-start previously agreed transactions which are likely to have stalled or been delayed.
"The future remains uncertain and based on our current forecasting we expect short term headwinds to house prices, although we maintain our underlying confidence in the health of the housing market in the longer term."
