A tiny rise in house prices for July equals the tiny fall Halifax reported in June as little movement is evident in the property market this summer
Halifax says house prices rose by 0.6% in July to reverse the 0.6% fall it recorded in June. This puts prices, according to Halifax, 4.95 higher than a year ago and marginally lower than at the end of 2009. The average house price is now £167,425 16% below its August 2007 peak.
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‘Overall there has been little change in prices during 2010 so far,’ said Martin Ellis from Halifax. ‘The mixed pattern of monthly rises and falls over the first seven months of the year is consistent with a slowing market. It is also in line with our view that house prices will be broadly unchanged over 2010 as a whole.’
Adam Challis, Head of Research at Hamptons International commented: ‘Increasing levels of supply continue to be met by an improved but still modest level of demand. Barriers to access mortgage lending remain a big hurdle for many potential buyers. Buyers are certainly out there, but sellers need to be realistic with asking prices.’