Annual rise is now at lowest level since March, says Halifax
Annual house prices rose in July at the slowest pace since March, according to the latest figures from the Halifax.
The mortgage lender said annual price inflation fell back to 7.6%, after hitting a high of nearly 10% in May, with prices rising just 0.4% in July.
The relatively modest rise follows a fall of 0.6% last month, leaving them still below the level recorded in May.
Russell Galley, managing director at the Halifax, said prices nevertheless remained more than £18,500 higher than a year ago given the unexpected boom in prices seen since the first national lockdown last spring.
He said the easing back of the stamp duty relief from June meant that “buyer activity should continue to ease over the coming months, and a steadier period for the market may lie ahead.”
“Latest industry figures show instructions for sale are falling and estate agents are experiencing a drop in their available stock. This general lack of supply should help to support prices in the near-term. […] Overall, assuming a continuation of recent economic trends, we expect the housing market to remain solid over the next few months, with annual price growth continuing to slow but remaining well into positive territory by the end of the year.”