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| House price growth eases, as economist predicts downturn | 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. |
| 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 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 from the Halifax cover the period before the referendum result. | The figures from the Halifax cover the period before the referendum result. |
| The annual rate is down from 9.2% in May. | |
| "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. |
| 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. | |
| "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. | In the meantime the Halifax said the average price of a house has risen to another record high, at £216,823. |
| More homes for sale | |
| An analysis by a firm of estate agents suggests that few buyers have backed out of house purchases since the referendum result. | |
| Jackson-Stops and Staff looked at 750,000 properties for sale in the UK on Friday 24 June. | |
| It found that 41% of homes on the market were already under offer. | |
| A similar analysis on 6 July found that 39.9% were under offer - virtually the same proportion. | |
| In addition, the number of properties for sale has increased by 21,000 since 24 June. | |
| Where can I afford to live? | Where can I afford to live? |