House Price Growth Slows

House Price Growth Slows.

Halifax has issued its latest house price index for June 2016.  Yearly house price growth has slowed down to 8.4%pa.

• 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 thepreceding three months

UK House prices
(seasonally adjusted)

• Annual change +8.4%
• Quarterly change +1.2%
• Monthly change +1.3%

Average UK House Price is now £216,823.

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.”

Comment

We have to say we agree with Mr Ellis, most house completions were pre Brexit vote.  We see a much more dramatic fall coming soon despite the usual summer increase in property activity.