By Maximilian Clarke
Confidence in the UK housing market has weakened, amidst a tide of growing economic uncertainty, the Halifax Housing Market Confidence tracker indicates.
Job uncertainty, reinforced by high deposit prices, emerged as the chief obstacles to increased housing activity, though the low house prices are creating a buyers’ market.
"It is unsurprising that confidence in the housing market has been shaken a little over the last few months given the increasing uncertainty about the current economic environment, together with pressure on householders' finances from weak earnings growth, higher inflation and tax rises,” commented Martin Ellis, Halifax housing economist.
“However, despite this deterioration in sentiment, record low interest rates continue to help to support the market. House prices nationally have changed little overall since the start of the year and we expect little change in both prices and activity over the next few months."
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