Halifax: UK house prices fell at the end of June.
According to Halifax, median home prices dropped by 0.5%.
House prices fell last month for the first time since January in a sign that the overheated UK housing market is finally starting to cool down, according to lender Halifax.
Month-over-month, the average house price fell 0.5% in June to £ 260,358, a drop of £ 1,284 from £ 261,642 in the May average.
But on an annual basis, Halifax said property prices were still 8.8%, or around £ 21,000, higher than a year ago, with the strongest growth in Wales, Northern Ireland, and the North West of England.
Last week, rival lender Nationwide said its home price data showed a 13.4% increase in prices in the previous 12 months, the largest increase in more than 16 years.
“The end of the SDH has affected prices.”
The fall in Halifax prices coincided with the end of June of the stamp duty full holiday, which had eliminated the tax on the purchase of property worth up to £ 500,000. The duty-free threshold fell to £ 250,000 this month and will return to the original level, £ 125,000, in September, although there is still help for first-time buyers.
Potential buyers have faced skyrocketing property prices during the stamp duty holidays, with several buyers chasing homes in the most sought-after areas. Bid wars and gazumping became commonplace.
Russell Galley, Halifax’s managing director, said the Covid-related lawsuit had played its part.
“Government support measures over the past year have helped boost demand, particularly among buyers looking for larger family homes at the higher end of the market. In fact, the median price of a single-family home has risen faster than any other type of property in the last 12 months, more than 10% or almost £ 47,000 in cash terms.”
“At the cost of over half a million pounds, they are now £ 200,000 more expensive than the typical townhouse. That power of moving companies to drive the market as people seek to find properties with more space, fueled by the increased time spent at home during the pandemic, will not completely fade as the economy recovers.”
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