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House prices rose 1.3% in June

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Written by: Christina Hoghton
07/07/2016
House prices are still rising but the annual rate of growth is at its lowest since July 2015.

Average house prices jumped by 1.3% in June, according to Halifax, but there are early signs that the property market is cooling.

Both annual and quarterly house price growth fell back last month, to 8.4% and 1.2% respectively, bringing the average UK property price to £216,823.

Martin Ellis, Halifax housing economist, said: “There is evidence that the underlying pace of house price growth may be easing. House prices in the three months to June were 1.2% higher than in the previous quarter; down from 1.5% in May. The annual rate of growth fell from 9.2% in May to 8.4%; the lowest since July 2015.

“House prices continue to increase, albeit at a slower rate, but this precedes the EU referendum result, therefore it is far too early to determine any impact since.”

Other indicators

The lender also noted that home sales stabilised in May, according to government figures. The introduction of the 3% Stamp Duty premium for second home owners in April has had a huge impact on house sales in recent months.

A rush to complete sales ahead of the tax change caused a sharp rise in March, which was followed by a substantial decline in April. UK home sales stabilised in May, rising slightly (1.5%).

Sales of 89,700 in the month, however, remained 16% below the average over the six months to February (106,750).

The volume of mortgage approvals for house purchases – a leading indicator of completed house
sales – also increased by 1.3% between April and May, according to Bank of England figures. However, approvals in the three months to May were 6% lower than in the preceding three months.

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