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BBC News
By Simon Read
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The recent uplift in UK house prices could be running out of steam , the Halifax has said after it found that property values dropped last month.
The lender s latest survey showed prices fell 0.3% in January, the biggest monthly fall since April 2020.
However, prices still climbed 5.4% over the past year, leaving the average property worth £13,000 more than in January 2020.
Across the UK, average property values stood at £251,968 in January. How far and how deep any slowdown proves to be is a challenge to predict given the prevailing uncertainty created by the pandemic, said Halifax managing director Russell Galley.
The average price of a home dropped by 0.3 per cent to £251,968 in January, according to the Halifax house price index - although the typical home is still worth £13,000 more than it was a year ago.
On an annual basis, house price growth slowed to 6.4%, from 7.3% in December.
In addition, the data shows that home ownership rose for third year running.
Robert Gardner, chief economist at Nationwide, said: “To a large extent, the slowdown probably reflects a tapering of demand ahead of the end of the stamp duty holiday, which prompted many people considering a house move to bring forward their purchase.
“While the stamp duty holiday is not due to expire until the end of March, activity would be expected to weaken well before that, given that the purchase process typically takes several months (note that our house price index is based on data at the mortgage approval stage).