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Halifax reports 0.3% rise in July house prices

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by Kay Mitchell

The Halifax has today revealed UK house prices rose by just 0.3% in July on a monthly basis – the third consecutive monthly rise.

The latest rise takes the average cost of a UK home to £163,981, the Halifax said.

However, on an annual basis, prices are 2.6% lower.

When comparing prices in the three months to the end of June with the previous quarter (which is a more reliable indicator), there was a rise of 0.5%.

Uncertainty surrounding the economy has driven prices lower in the first part of the year and the housing market will remain subdued in the short-term but many reports suggest prices will stabilise in the latter half of the year.

Commenting on today‘s report, Halifax housing economist Martin Ellis said: “Overall, there has been little change in either the level of house sales or the number of properties on the market for sale since late 2010.

“These steady market conditions have helped to stabilise house prices in 2011 following last year’s modest decline,” he added.

In comparison, last week the Nationwide said house prices rose by 0.2% in July.

On an annual basis, house prices are now 0.4% lower than this time last year with the average UK home costing £168,731, according to the Nationwide.

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News posted: August 5, 2011

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