UK house prices remain largely flat in June

ISTANBUL

UK house prices remained largely flat in June, down only 0.2% month-on-month, according to a report by the British bank Halifax.

The report stated that the annual growth rate for house prices was slightly up 1.6% year-on-year.

It highlighted that a typical house in the UK costs £288,455 ($368,876) in June, slightly down from £288,931 ($369,516) in May.

In terms of regional variations, Northern Ireland saw the highest annual hike in house prices, rising 4% year-on-year, from 3.3% in May.

Within England, the North West had the highest house price inflation rate (3.8%), with property costs standing at £231,351 ($295,840).

Eastern England saw the only decline in house prices across the UK, falling 0.9% on an annual basis in June.

The capital city of London had the highest property prices in the country, up 0.9% year-on-year in June, with an average price of £536,306 ($685,731).

“Mortgage affordability is still the biggest challenge facing both homebuyers and those coming to the end of fixed-term deals,” said Amanda Bryden, head of mortgages at Halifax.

“This issue is likely to be eased gradually, through a combination of lower interest rates, rising incomes, and more restrained growth in house prices,” she added.