Average house price in the UK dip

The average price of a UK home dipped 0.5 per cent in June, according to the latest House Price Index from Halifax. While the house prices have dropped since January, however the homes are still priced £21,000 higher than this time last year.

The annual house price inflation stand at 8.8% compared to 9.6% in May, according to the latest Halifax House Price Index. The figures continue the shift in market momentum away from London, with Scotland and Northern Ireland amongst areas seeing strongest growth. New figures from market sources show that the average UK property cost of a houses is £260,358, which is 8.8% higher than the same month a year ago.

According to Mr Russell Galley, the managing director of Halifax “The average UK house price slipped by -0.5% in June, the first monthly fall since January. As a result annual house price inflation also eased back slightly from May’s 14-year high of +9.6% to stand at +8.8% in June. It is important to put such a moderate decrease in context, with average prices still more than £21,000 higher than this time last year, following a broadly unprecedented period of gains” .

Galley further noted “With the stamp duty holiday now being phased out, it’s was predicted the market might start to lose some steam entering the latter half of the year, and it’s unlikely that those with mortgages approved in the early months of summer expected to benefit from the maximum tax break, given the time needed to complete transactions.”

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. SSIL does not guarantee the accuracy, legality, completeness, reliability of the information and or for that of subsequent links and shall not be held responsible for any action taken based on the published information.