House prices fell by 0.6% in May, resulting in very little overall price change since January according to the latest data from the Halifax. It says the annual rate of inflation fell to 5.7% last month, continuing the downward trend from the peak of 22.1% in July 2004, leaving the market with a current growth rate slower than it has been for four years. Estate agents reported broad stability, although sales do remain significantly lower, at 30% less than last year. The sector, however, is underpinned by continuing solid economic performance they said. As the economy grows and interest rates remain low, Halifax says its outlook for the housing market remains unchanged, and they are continuing to forecast a model of modest decline of 2% this year. Tim Crawford, Group Economist with the Halifax said: ?The annual rate of house price inflation is low now, and is likely to fall further over the coming months given the large monthly increases in the middle of 2004. On a brighter note, he added: ?The market is underpinned by sounds fundamentals including record employment levels, good affordability and rising real earnings.?
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Summer Solstice, Roger Federer and battle of the Popes: Country Life Quiz of the Day, June 23, 2025Monday's quiz asks whether the middle of summer is actually a moveable feast.
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The breathtaking English landscape that inspired Tolkien's Middle-earth: Quentin Letts on his heaven in HerefordshireQuentin Letts is best known as a merciless sketch writer and critic — but when he's back home at Herefordshire he embraces a very different life.
