Chancellor facing ‘balancing act’ as house price growth hits six-year low

House prices in England and Wales are now growing at the slowest annual rate for six and a half years, Your Move warns.

Research by the agent found average prices slowed to 0.9% annually in September to £302,626, down from 1.7% in August.

Prices were also down 0.1% on a monthly basis.

The south-east of England also became the first region to report negative annual growth, down 0.1%, the agent said.

Your Move said transactions remain weak, down 16% from August, with an estimated 72,500 sales in September.

Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “The Chancellor will face a difficult balancing act for housing when he comes to do his Budget at the end of this month.

“He’ll probably be keen to tackle the continuing problems with affordability whilst addressing ways to stimulate the market.”

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