House prices remain flat in June
UK house prices ticked up 0.3% in June according to Halifax, taking the average property price to £225,654.
Over the last three months prices fell back 0.7%, while they remain up 1.8% over the year, a rate of growth that has slowed from 1.9% in May.
Russell Galley, managing director of Halifax, said: “Activity levels, like house price growth, have softened compared with the final months of last year.
“Mortgage approvals have been in the low range of 63,000 to 67,000 since the start of the year, whilst home sales have remained flat so far this year. This is in contrast to the continuing strength of the UK jobs market with job creation still strong and pressure on household finances easing as real income growth edges up.
“At the half way stage of the year the annual rate is within our forecast range of 0-3% for 2018. We continue to see very positive factors of continuing low mortgage rates, great affordability levels and a robust labour market. The continuing shortage of properties for sale should also continue to support price growth.”
Jonathan Samuels, CEO of the property lender, Octane Capital, added: “While the jobs market may be strong and mortgage rates still highly competitive, many households continue to feel the pinch and remain wary of the potential fallout from Brexit.”