Boards advertising property for sale and rent are seen in east London, June 7, 2005. House prices fell for a second month in May, bringing the annual rate of increase to its weakest in four years, HBOS, the nation's largest mortgage lender, said on Tuesday, providing more evidence the housing market was stagnating. BANKG REUTERS/Russell Boyce RUS/RD

According to the Halifax House Price Index, UK house prices in the three months to June were 8.4% higher than in the same three months of 2015.House prices in the last three months (April-June) were 1.2% higher than in the preceding three months.

House prices increased by 1.3% between May and June. This followed a 0.9% rise in May. The month-on-month changes can be erratic and the quarter on quarter change is a more reliable indicator of the underlying trend.

Martin Ellis, Halifax housing economist, 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.”


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