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Financial News: UK House Prices Fall For First Time In

UK House Prices Fall For First Time In 5 Months

07/07/2017 - 04:02:00 (RTTNews)

(RTTNews) - UK house prices declined for the first time in five months in June, data from the mortgage lender Halifax and IHS Markit showed Friday.

House prices fell unexpectedly by 1 percent on a monthly basis, reversing a 0.3 percent rise in May. This was the first decline since January. Prices were forecast to grow 0.2 percent.

On a yearly basis, house price growth eased to 2.6 percent in three months to June, the weakest expansion since May 2013. Economists had forecast 3.1 percent annual growth after 3.3 percent increase seen in three months ended May 2017.

During April to June, house prices fell 0.1 percent from previous three 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," Martin Ellis, a Halifax housing economist, said.

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