UK Property Market

Home prices rise by 0.4% in June

According to a study by Halifax, the 0.4 per cent increase in property prices last month stands testimony that house price inflation continues to fall. The average cost for a UK Home went up to the level of £197,461 in June, this being the second month with an increase smaller than 0.5 per cent.

The overall rise in home prices during the second quarter of 2007 is two per cent, which is considerably less than the first quarter’s three per cent rise. It is also well below the fourth quarter of 2006, when the rise was 4.2 per cent, which supports the idea that inflation is slowly going down. Nationwide, however, home prices will continue to go up because of the rises in mortgage rates and negative real earnings.

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