The report, issued this morning, details that average property prices have slipped 0.1 percent over the past month, and 0.9 percent over the last quarter ending in June. However, when viewed on an annual basis, average property values have increased 2.5 percent with the average UK house price now at £237,616. Of course, as a lender Halifax can only provide figures based on the mortgages they have approved for their customers, which explains why this latest data varies when compared to the data released by Nationwide last week.
What does appear to be consistent between both sets of figures, however, is the month on month change in property values, a figure that’s consistent between both indices.
Russell Galley, Managing Director of Halifax commented: “Average house prices fell by 0.1 per cent in June as the UK property market continued to emerge from lockdown.
“Though only a small decrease, it is notable as the first time since 2010, when the housing market was struggling to gain traction following the shock of the global financial crisis, that prices have fallen for four months in a row.”
Russell continued: “Activity levels bounced back strongly in June, which is typically the busiest month for mortgage activity in the UK.
Managing Director of mortgage broker Enness Global Mortgages, Hugh Wade-Jones also took an optimistic view, and observed the latest figures are: “More positive news for the UK property market with house price growth holding firm on an annual basis and hopefully the first of a double dose of positivity this week, with a potential stamp duty holiday being announced tomorrow.
“We’ve seen a promising increase in market activity in recent months, and this has been particularly driven of late by foreign buyers returning to the top tiers of the market.
“While domestic activity remains the backbone of the UK property sector, it is this foreign investment that will help spur the market back to full health.”