The Bank of England kept interest rates the same once again, maintaining the rate at it's record low level of 0.25%.
So good news for borrowers and continued misery for anyone with savings.
Property transactions are 10% lower than during the same period in 2015. But it is not just the number of transactions that are down. House prices slowed in October.
Nationwide Building Society report no change in prices at all during October. Not up nor down! Exactly the same! Over the last 12 months there has been an increase of 4.6%.
Halifax rarely seem to agree and this month is no different. They have prices increasing by 1.4% for the month of October with an annual rise of 5.2%.
However, perhaps the most telling figure is that over the last 3 months according to Halifax, prices have only risen by 0.1% - which is almost in agreement with Nationwide! So they both now feel that the housing market has gone flat and growth going forward will be slow. This does not mean we are going to see a fall in prices as the shortage of properties for sale and low mortgage rates are likely to support price levels for now.
This state of affairs is not likely to change with Christmas on the way - traditionally a quiet period for the housing market.
We can just hope that this lull now means we are gearing up for a busy 2017.
Mortgage interest rates remain low - now is a great time to fix your payments. If you would like to discuss anything further, please give me a call on 0844 736 1920.
Have a great November and I will be back with one last update before Christmas is upon us!