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Financial News: UK Halifax House Prices Continue To Fall In

UK Halifax House Prices Continue To Fall In June

07/07/2020 - 05:42:00 (RTTNews)

(RTTNews) - Amid a gradual relaxation of coronavirus containment measures, UK house prices dropped for the fourth consecutive month in June, the longest streak of decrease since 2010, data from the Lloyds Bank subsidiary Halifax and IHS Markit showed Tuesday.

House prices fell marginally by 0.1 percent month-on-month in June, following a 0.2 percent drop in May. Economists had expected a 0.9 percent fall.

On a yearly basis, house prices advanced 2.5 percent but slower than the 2.6 percent increase seen in May.

In three months to June, house prices were down 0.9 percent from the preceding three months.

New mortgage enquiries surged 100 percent in June, which is typically the busiest month for mortgage activity.

Enquiries increased with prospective buyers revisiting purchases previously put on hold and transaction volumes rose sharply compared to previous months, Russell Galley, Managing Director, Halifax, said. "However, whilst encouraging, it remains too early to say if this level of activity will be sustained," Galley added.

Galley noted that the near-term outlook points to a continuation of the recent modest downward trend in prices through the third quarter of the year.

"We do expect greater downward pressure on prices in the medium-term, the extent of which will depend on the success of government support measures and the speed at which the economy can recover," Galley added.

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