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The Halifax House Price Index shows June’s annual change figure of 5.7% growth coming against the backdrop of a particularly low growth rate in the corresponding period in 2018, which has had an impact on year-on-year comparisons. The average house price now stands at £237,110.
On a monthly basis, house prices fell by 0.3%
In the latest quarter (April to June) house prices were 2.4% higher than in the preceding three months (January to March)
House prices in the three months to June were 5.7% higher than in the same three months a year earlier
Russell Galley, Managing Director, Halifax, said: “Average house prices dipped marginally in June, falling by 0.3%, to stand at £237,110. This extends the largely flat trend we’ve seen over recent months.
“More generally the housing market is displaying a reasonable degree of resilience in the face of political and economic uncertainty. Recent industry figures show demand looking slightly more stable, with mortgage approvals ticking along just above the long-term average.
“One of the major restraining factors on the volume of transactions in the market continues to be the very low level of stock for sale. With the ongoing lack of clarity around Brexit, people will be looking for more certainty in the coming months, both to encourage them to list their property and to create the confidence needed to encourage buyers.“Of course, the likelihood of continued historically low mortgage rates will underpin prices in the near term.”
HMRC Monthly data shows UK home sales reducing slightly. May saw 89,810 home sales. Sales in March to May fell 3.5%, against the levels in December to February. Year-on-year, UK seasonally adjusted residential transactions in May 2019 were approximately 11% lower than May 2018 (5.8% lower on a non-seasonally adjusted basis). (Source: HMRC, seasonally-adjusted figures)
Mortgage approvals remain steady at just slightly above the 12 month average. Bank of England industry-wide figures show that the number of mortgages approved to finance house purchases – a leading indicator of completed house sales – have fallen by 636 from April to 65,409 in May. The Mayrate is now just below the 5 year average monthly approval rate of 66,138 and 46 above the previous 12 month average of 65,363. (Source: Bank of England, seasonally-adjusted figures)
Demand for housing stabilised in May. The RICS UK Residential Market Survey saw a slightly more stable picture coming through during May. The sales to stock ratio increased slightly to 31.5%. Agreed sales fell for the tenth successive month, but less so than previously. Near term expectations remain subdued but sentiment on the longer term outlook for sales and prices signals modest recovery further out. (Source: Royal Institution of Chartered Surveyors’ (RICS) monthly report)
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