House prices fall in June |
House price data from Halifax has shown that house prices fell by 1.2% on average in June. The fall was unexpected after a promising start to 2006 for house prices.
Overall this contributes to a 4.5% increse in house prices in the first 6 months of 2006, and a 2.6% rise in the second quarter.
The Halifax also found a decline in the level of activity, with mortgage approvals from March to May down 4% compared with the previous three months after adjusting for seasonal differences.
The lender believes there are sound fundamentals to support continued growth in 2006, with high employment figures, and low interest rates. It does also add though, that any growth will be limited by rises in utility bills and council tax putting pressure on consumers. Rising rates for fixed rate mortgages may also temper demand.
