UK house price inflation slowed for a second month in a row in July, survey data from the Lloyds Bank subsidiary Halifax showed Friday.
The house price index rose 7.6 percent year-on-year following an 8.7 percent increase in June. The latest increase was the smallest since March.
“This easing was somewhat expected given the strength of price inflation seen last summer, as the market began its recovery from the first lockdown, and with activity supported by the start of the stamp duty holiday,” Halifax Managing Director Russell Galley said.
Average house price was GBP 261,221, a little below May’s peak but still more than GBP 18,500 higher than a year ago, Galley added.
Compared to the previous month, house prices climbed 0.4 percent in July, partially reversing a 0.6 percent fall in June.
“Overall, assuming a continuation of recent economic trends, we expect the housing market to remain solid over the next few months, with annual price growth continuing to slow but remaining well into positive territory by the end of the year,” Galley said.
Among regions, Wales recorded 13.8 percent house price growth, the strongest since March 2005.