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| House price slowdown to continue, Halifax says | House price slowdown to continue, Halifax says |
| (35 minutes later) | |
| Growth in house prices is likely to slow over the rest of this year, the UK's largest mortgage lender has said. | Growth in house prices is likely to slow over the rest of this year, the UK's largest mortgage lender has said. |
| The Halifax said house price inflation in the year to May remained unchanged at 9.2%, which was the lowest rate since last autumn. | The Halifax said house price inflation in the year to May remained unchanged at 9.2%, which was the lowest rate since last autumn. |
| It said there would be a further slowdown in the months ahead, due to "affordability issues". | It said there would be a further slowdown in the months ahead, due to "affordability issues". |
| Earlier this week an economics consultancy, Capital Economics, said house price inflation had hit its peak. | Earlier this week an economics consultancy, Capital Economics, said house price inflation had hit its peak. |
| It follows a record-breaking period for house sales in March, as buyers rushed to beat stamp duty changes which came in on 1 April. | It follows a record-breaking period for house sales in March, as buyers rushed to beat stamp duty changes which came in on 1 April. |
| The Halifax said house prices rose 0.6% in May itself, while in the three months to the end of May prices were 1.4% higher than in the previous quarter. | The Halifax said house prices rose 0.6% in May itself, while in the three months to the end of May prices were 1.4% higher than in the previous quarter. |
| It said the average price of a house in the UK was now £213,472. | It said the average price of a house in the UK was now £213,472. |
| "Low interest rates, increasing employment and rising real earnings continue to support housing demand. The strength of demand, combined with very low supply, is causing house prices to rise at a brisk pace in quarterly and annual terms," said Martin Ellis, Halifax's housing economist. | "Low interest rates, increasing employment and rising real earnings continue to support housing demand. The strength of demand, combined with very low supply, is causing house prices to rise at a brisk pace in quarterly and annual terms," said Martin Ellis, Halifax's housing economist. |
| However, he added: "Increasing affordability issues, caused by a sustained period of higher-than-earnings house price growth, should curb housing demand and result in some slowdown in house price growth as the year progresses." | However, he added: "Increasing affordability issues, caused by a sustained period of higher-than-earnings house price growth, should curb housing demand and result in some slowdown in house price growth as the year progresses." |
| Find out where you can afford to live in the UK | Find out where you can afford to live in the UK |
| In separate research, the Halifax said property prices per square metre in London had risen by 432% over the past two decades. | |
| That compares with an average increase across the country of 251%. |