Average house prices in the UK hit 260,358 pounds in June, after plunging by 0.5%. FTSE 100 is up +0.40%, GBPUSD is up +0.32%.
June’s decline in house prices was the first since January as the UK continued to phase out the stamp duty holiday.
On a quarterly basis, average house prices in the UK surged by 2.9%.
Annual house price inflation eased from the 14-year high of 9.6% in May to hit 8.8% in June.
House prices are still more than 21,000 pounds higher than a similar period last year.
Scotland and Northern Ireland recorded the strongest gains in house prices.
UK house prices are now predicted to continue losing momentum as the impact of the stamp duty holiday continues to wane.