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House price growth eases to 8.4%, says Halifax House price growth eases, as economist predicts downturn
(35 minutes later)
Annual house price growth eased to 8.4% in the month of June, the lowest rate in a year, according to the Halifax, the UK's largest mortgage lender.Annual house price growth eased to 8.4% in the month of June, the lowest rate in a year, according to the Halifax, the UK's largest mortgage lender.
The quarterly rate of growth was 1.2%, the slowest since December 2014.The quarterly rate of growth was 1.2%, the slowest since December 2014.
Nevertheless, the average price of a house rose to another record high, at £216,823. The pace of growth is still many times above general inflation, but one senior economist has warned of a "serious risk of an extended and marked downturn" following the Brexit vote.
The figures pre-date the result of the UK's EU referendum, which many economists believe will slow house price inflation even further. The figures from the Halifax cover the period before the referendum result.
"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," said Martin Ellis, Halifax's housing economist."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," said Martin Ellis, Halifax's housing economist.
One economist, Dr Howard Archer, of IHS global Insight, has a particularly gloomy view. Howard Archer, Chief UK economist at IHS global Insight, said there was likely to be a major impact on house prices in the months ahead: "Despite the Halifax reporting a marked rise in house prices in June itself, we believe that the prospects for the housing market have deteriorated markedly following the Brexit vote.
"Despite the Halifax reporting a marked rise in house prices in June itself, we believe that the prospects for the housing market have deteriorated markedly following the Brexit vote," he said.
"Housing market activity and prices now look to be at very serious risk of an extended, marked downturn following the UK's vote to leave the EU.""Housing market activity and prices now look to be at very serious risk of an extended, marked downturn following the UK's vote to leave the EU."
In the meantime the Halifax said the average price of a house has risen to another record high, at £216,823.
Where can I afford to live?Where can I afford to live?