Britain's bursting property market finally seems to have cooled down after latest findings by Halifax suggest house prices in June rose by the slowest pace in seven months.
According to the lender's monthly housing survey, property prices in the UK increased by just 1.2% in June. This is the smallest gain since November last year, and is below the average monthly rise of 2.1% seen in the previous six months, Halifax says. Martin Ellis, Halifax chief economist, believes the latest figures indicate recent increases in the cost of borrowing - brought on by rises in interest rates - are finally beginning to curb housing demand. That said, potential buyers still had to fork out an average of £159,735 if they wanted to buy a house in June. Overall, house...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
