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House prices rise slightly in June

Thursday, 7 July 2005 12:00 AM

House prices increased by 0.1 per cent in June, but have remained static since the start of the year, according to Halifax.

The average house price in the UK is now £162,605 - just 3.7 per cent higher than the same month last year.

This is the smallest annual rise in property values since March 2001.

And the gap between house prices in the north and south is at its lowest level for four years, due to rises in the north and small falls in the south.

Halifax chief economist Martin Ellis said: "House prices increased by 0.1 per cent in June and the average UK house price was static over the first six months of 2005 as a whole."

Only in Northern Ireland and Scotland is annual house price inflation in double figures, standing at 26.9 per cent and 12.5 per cent respectively.

But despite house price falls in some regions, Halifax says the market is stabilising and will not crash.

Mr Ellis explained: "Housing market activity has stabilised following the sharp decline in the second half of 2004 with some signs of a steady improvement in recent months. The number of loans approved for house purchase increased for the fifth successive month in May, and Halifax Estate Agents has seen a steady level of sales since February.

"The economic fundamentals underpinning the housing market are sound. Earnings growth is robust. The UK economy continues to grow with the number in employment at a record high, and mortgage payments are very close to their long-term historical average as a proportion of income for new borrowers."

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