Slowest rate of house price growth for nearly a year


House price growth eased back to the slowest annual rate seen in nearly a year in June, Halifax has reported.

Property values lifted by 8.4% annually, marking the lowest figure since a 7.8% annual increase in July 2015. The average UK house price stood at £216,823 in June.

On a month-on-month basis, price growth accelerated, with a 1.3% increase in June - jumping from a 0.9% rise in May.

But Halifax said that month-on-month price changes can often be "erratic" and quarterly changes are a more reliable indicator of underlying trends.

The quarterly measure showed house prices in the three months to June were 1.2% higher than they were in the three months before that.

The quarterly increase was the weakest since December 2014, the report said.

Martin Ellis, a housing economist at Halifax, said: "There is evidence that the underlying pace of house 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."