House prices remained “subdued” for a third month in a row in June, as a shortage of properties kept prices high, according to the mortgage lender Halifax.
Amanda Bryden, the Halifax head of mortgages, said: “On an annual basis, house prices posted a seventh consecutive month of year-on-year growth, with the average UK property value now standing at £288,455.“This continued stability in house prices – rising by just 0.4 per cent so far this year – reflects a market that remains subdued, though overall activity has been recovering.
Analysis by Rightmove, published last month, found that monthly mortgage costs for first-time buyers had increased by more than 60 per cent since the last general election. Mark Harris, the chief executive of the mortgage broker SPF Private Clients, said: “With the big five lenders – Barclays, HSBC, Santander, Halifax and NatWest – reducing their mortgage rates this week, lenders continue to jostle for business as they ramp up the summer sales.”
London continues to have the most expensive property in the country, with the average home in the capital costing £536,306, up 0.9 per cent in June on a year earlier.