House prices rose by 1% in June, says the Halifax
House prices rose by 1% in June compared with the previous month
but remained lower than a year earlier, a survey said.
The Halifax, now part of the Lloyds Banking Group, said that the
price of the average home was 0.5% lower than a year ago.
This valued the average property in the UK at £162,417, the
The UK housing market has been relatively stagnant in recent times
owing to nervousness about the economy.
The survey, which is based on the Halifax's mortgage data, has
registered as many monthly price falls as price rises this
The fluctuation is due in part to the low levels of activity in the
The three-month on three-month change, seen as a less volatile
measure of property prices, showed a 0.3% drop in June.
The annual change in prices has mostly been reflected by figures
produced by the rival Nationwide Building Society.
Last week, it said that the annual decline in prices stood at
However, the year-on-year comparison is calculated slightly
differently by the two lenders. The Halifax compares the previous
three months with the same three months a year earlier to give a
smoother comparison, rather than a direct comparison of the
equivalent months as calculated by the Nationwide.
On an annual basis, prices were not falling as fast as had been the
case, according to Halifax's housing economist Martin Ellis.
"A year ago, in May 2011, house prices were falling at an annual
rate of 4.2%. In contrast, there has been broad stability recently
with the annual rate between 0% and -0.5% in each of the past three
months," he said.
He predicted that prices and sales levels would see little change
for the rest of the year.
However, prices have been changing a different rates in different
parts of the country.
A recent Land Registry report showed that prices have risen sharply
in the last year in London but dropped in six of the English
Source: BBC News