House prices dip 0.5%

Posted: 07 Jul 2011 11:55:39 GMT

The smallest quarterly fall in house prices since the second quarter of 2010 has been recorded.

UK house prices in the three months leading to June dipped by 0.5 per cent when compared with the previous quarter.

According to the Halifax House Price Index, the drop marked the smallest three-month fall in such costs since the second quarter of 2010, with prices in June alone seeing a 1.2 per cent rise.

Martin Ellis, housing economist, said the primary factors behind the recent movement are likely to have been "low interest rates, an increase in the number of people in employment and some tightening in market conditions earlier in the year".

The industry figure explained that an extended period of low interest rates, coupled with an economy slowly returning to its feet, will be key to market stability in the months to come.

Earlier in the month, Knight Frank revealed the cost of buying a property in London has risen by 34 per cent since March 2009.
 

© Houseladder Ltd