According to Britain’s largest lender, Halifax, house prices across the UK fell by 1% in June, the largest monthly fall since January 2017.
The reduction brings the average house price in the UK down to £128,930.
Measured on an annual basis, the growth in house prices eased from 3.3% in May 2017 (compared with 4.1% in March 2017) to 2.6% in June 2017. These figures represent the lowest increase in house prices for four years.
Martin Ellis, Halifax’s housing economist commented; ‘although employment levels continue to rise, household finances face increasing pressure as consumer prices grow faster than wages. This, combined the new stamp duty on buy to let and second homes in 2016, appears to have weakened housing demand in recent months’.
However, despite the reduction in growth, house prices continue to be approximately 9% above the peak in August 2007 and the number of first-time buyers reached an estimated 162,704 in the first half of 2017, only 15% below the peak in 2006 (190,900).
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