Annual house prices in the UK in the three months to June were 8.4 per cent higher than the corresponding three months of 2015, new figures from Halifax have revealed.
It was found that house prices from April to June were 1.2 per cent up on the preceding three months, just slightly below the 1.5 per cent increase seen in May - the lowest rise on this basis since December 2014.
Between May and June, prices climbed by 1.3 per cent following a 0.9 per cent hike in May, when home sales stabilised. The changes to stamp duty tax rates in April for second homes and buy-to-let properties saw a rush to complete sales in March, followed by a decline in April. Mortgage approvals were also up in May, climbing by 1.3 per cent from April. However, approvals in the three months leading up to May were six per cent down on the preceding three months.
Halifax housing economist Martin Ellis said: "There is evidence that the underlying pace of house growth may be easing ... House prices continue to increase, albeit at a slower rate, but this precedes the EU referendum result, therefore it is far too early to determine any impact since."
A recent report in the Financial Times suggested that some buyers actually pulled out of house purchases following the result of the EU referendum on June 24th, although others appear to be waiting to see what impact the vote will have on both job security and house prices. It's possible that house prices will fall as a result of the vote.
Formerly beercock wiles & wick, beercocks is a family-run estate agents that covers the Hull, Beverley, East Riding of Yorkshire and the North Lincolnshire area. Get in touch to find out more.