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House price rises cool in June: Halifax

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House price growth in the quarter to the end of June cooled to 1.2 per cent higher than the previous three months, according to the latest Halifax House Price Index.

This was slightly below May’s 1.5 per cent increase and was the lowest rise on this basis since December 2014 (1 per cent).

The average UK house price is now £216,823.

Halifax housing economist Martin Ellis says: “There is evidence that the underlying pace of house growth may be easing.

“House prices in the three months to June were 1.2 per cent higher than in the previous quarter; down from 1.5 per cent in May. The annual rate of growth fell from 9.2 per cent in May to 8.4 per cent; 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.”

Estate agent and former RICS residential chairman Jeremy Leaf says: “Although the Halifax report shows that house price growth is slowing, it also reveals that the market showed surprising resilience in the period immediately following the increase in Stamp Duty, leading up to the referendum.

“Despite extreme nervousness at that time as nobody knew what was going to happen, first-time buyers took advantage of opportunities left by investors bringing forward purchases to the first quarter of the year.

“The shortage of stock and fewer transactions is still continuing to underpin prices.”

SPF Private Clients chief executive Mark Harris says: “Swap rates have plummeted since the referendum, leading to a number of lenders slashing already-cheap mortgage rates further still. Just today, HSBC is launching the cheapest ever ten-year fix, pegged at 2.79%, for example.”

“There has never been a better time to take out a fixed rate with buyers and those remortgaging who are looking for some security in these uncertain times, spoilt for choice.”

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