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UK house prices fall as demand for second homes hit

Staff Writer | July 7, 2017
UK house prices continue to waver, according to data from Halifax that showed a monthly fall in June and the worst quarterly performance in almost five years.
UK house prices
Britain   House prices fell 1.0% in June
House prices fell 1.0% in June compared to the month before, Halifax said, which was worse than the small 0.2% rise forecast.

For the three months ending June prices were up 2.6% compared to the same period last year, the lowest annual rate for four years.

The three-month period from April to June as 0.1% lower than in January-March, which was the third successive quarterly fall, something that last occurred in November 2012.

Martin Ellis, Halifax housing economist, said: "House prices have flattened over the past three months. Overall, prices in the three months to June were marginally lower than in the preceding three months.

He added: "Although employment levels continue to rise, household finances face increasing pressure as consumer prices grow faster than wages.

"This, combined the new stamp duty on buy to let and second homes in 2016, appears to have weakened housing demand in recent months.

"A continued low mortgage rate environment, combined with an ongoing acute shortage of properties for sale should help continue to underpin house prices over the coming months."