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July 2016: Annual House Price Growth Steadies Says Halifax

Halifax’s latest index shows the rate of annual house price growth has steadied at 8.4% in July, maintaining the level of growth seen in June.

Halifax’s latest index shows the rate of annual house price growth has steadied at 8.4% in July, maintaining the level of growth seen in June.

Released today, Halifax’s July index shows an 8.4% year-on-year increase, bringing the average price per household in the UK to £214,678, sustaining the same rate of annual increase as reported in the mortgage lender’s June index.


In the monthly figures published by Halifax, house prices in July have dipped by 1.0% on June’s numbers, where the average house price stood at £216,726.


Halifax also found a healthy increase of 1.6% in the three months to July compared to the previous three months – with the lender emphasising that these quarterly measures serve as a more reliable indicator of the underlying trend in the housing market than the monthly changes.


Whilst these figures signal a potential deceleration in the housing market, Halifax emphasises that it’s still too early to make any confident conclusions following the announcement of the UK’s decision to leave the European Union.


In addition, the proportion of first time buyers in the first half of 2016 was found to have increased by an estimated 10% on the same period last year, bringing the total to 154,000. The first half of 2015 saw a total of 140,500 first time buyers secure properties.


Both mortgage approvals and sales data is said to have been skewed by a rush from investors buying property ahead of April’s increase in stamp duty tax on second homes, with figures showing a 11% rise in sales and an 8% increase in mortgage approvals in 2016’s H1.