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Halifax: Monthly house price rise slows to 0.3%

Thursday, 7 June 2007 12:00 AM

Monthly house price growth slowed to 0.3 per cent in May, research out today shows.

The Halifax house price index reveals this is the smallest monthly rise this year, and the third month in a row that monthly house price inflation has fallen.

The average UK home was worth £196,893 in May - an increase of £506 on last month, up from £196,387 in April.

The research also shows the pace of annual inflation has been dropping, as house prices have not been able to keep up with last year's price increases.

Compared with May 2006, the average property is worth 10.6 per cent more, down from 10.9 per cent last month, and 11.1 per cent in March.

"The recent slowing in monthly house price inflation, together with further evidence of moderation in housing market activity, suggests that the interest rate rises since last summer are having an impact on the market," said Martin Ellis, Halifax chief economist.

"Higher interest rates, the negative trend in real earnings growth and rising food prices are likely to bite increasingly on householders' finances over the coming months, curbing housing demand. House price inflation is expected to moderate as a result.

"The market, however, remains supported by solid economic foundations which, together with supply shortages, will continue to support prices."

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