Data produced by The Halifax in February shows an average house price rise of 1.8% for the preceding 12 months. As is so often the case the figure needs a little context to give a full picture. Specifically, that both December and January showed a decline in house prices with a small recovery into a positive number in February.
The implication here is that monthly price increase has been steadily falling throughout 2017 for the average to still be around 2% for the year but the last quarter has been either side of zero.
The decline in price growth has been attributed to a squeeze in household incomes and a slumping London market.
Lenders have responded with more than 300 products on the market with a 95% loan to value ratio. This is the first time since the beginning of the credit crunch that the number has exceeded 300. With mortgage approvals down to 61,000 in December lenders are fighting over a smaller pool of customers.
Nationwide have predicted just a 1% increase in average house prices for the forthcoming year.